New CEO Says SVB Has Reopened, Business as Usual

Silicon Valley Bank (SVB)'s new CEO Tim Mayopoulos sent an email to customers that the bank has reopened and is open for business as usual, with new deposits as well as existing deposits protected by the Federal Deposit Insurance Corporation (FDIC) in the new bank.

The email mentioned that FDIC has transferred SVB's saving and assets to a new interim bank. All wire transfers placed on March 9 or 10 but not yet processed have been cancelled and will need to be re-entered if orders are to continue.