SVB: ‘Send us your biz and we’re making new loans!’
Remember three minutes ago when Silicon Valley Bank was the 2nd largest bank failure in American history? No? We don’t either! According to SVB’s new CEO, the one installed by the FDIC, depositor money is not only protected but the bank is also in the process of ramping up its business!
“If you, your portfolio companies, or your firm moved funds within the past week, please consider moving some of them back as part of a secure deposit diversification strategy,” wrote new SVB CEO Tim Mayopoulous on social media. “We are also open for business for any new customers. We are actively opening new accounts of all sizes and making new loans.”
In a six-paragraph plea for business, Mayopoulous mentions its lending business twice. “We are making new loans and fully honoring existing credit facilities,” he reiterated.
SVB “failed” on March 10th. Its shareholders were wiped out and its executives all fired. But that was Friday. These days, it’s a happily growing bank. So if you need a loan, you know where to go…Last modified: March 14, 2023
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.