FDIC names Tim Mayopoulos as CEO of Silicon Valley Bank

FILE PHOTO: Illustration shows SVB (Silicon Valley Bank) logo

(Reuters) – The Federal Deposit Insurance Corporation on Monday named Tim Mayopoulos as the chief executive officer of Silicon Valley Bank, a subsidiary of the defunct SVB Financial Group.

Mayopoulos steps in after regulators shuttered the startup-focused lender on Friday after a run on its deposits that left it with a dearth of capital.

The regulator has also transferred all deposits β€” both insured and uninsured β€” and substantially all assets of the bank to a newly created bridge bank.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj Kalluvila)