Silicon Valley Bank's new president urges savers to 'roll their money back'
After Silicon Valley Bank's collapse, the bank's new president, Tim Mayopoulos, urged customers who had withdrawn their deposits to transfer their money back to the bank. This comes as large banks have seen an influx of funds.
Mayopoulos said in a statement, "The first thing you can do to support the future of this institution is to help the bank rebuild its deposit base by keeping your deposits at Silicon Valley Bank and bringing back any deposits that you may have transferred out in the past few days."
Mayopoulos further stated that the bank is doing everything in its power to rebuild and regain customers' trust, promising to continue supporting the innovation economy. He said, "We are making new loans and fully honoring our existing credit facilities."
Two sources revealed that large banks, including JPMorgan Chase and Bank of America, saw an influx of customers after Silicon Valley Bank's collapse.
Alexander Yokum, a regional banking expert at US investment research company CFRA, pointed out that customers of smaller banks may have also transferred all or part of their funds to large banks, as people believe that the government will not allow these companies to fail.
