Tim Mayopoulos, the former CEO of Fannie Mae, was appointed by the Federal Deposit Insurance Corporation (FDIC) to lead Silicon Valley Bank. He takes over after the startup-focused lender was shut down by regulators as a result of a run on its deposits, which left it with insufficient capital. For more than six years prior to joining fintech Blend, Mayopoulos was the CEO of mortgage financier Fannie Mae.
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The bank was unable to raise capital to make up the difference due to the sale of a $21 billion portfolio of securities that were up for sale last week, which led to a $1.8 billion loss and a dramatic reduction in deposits. The regulator has also moved almost all of the bank’s assets, including all insured and uninsured deposits, to a bridge bank that was just recently founded.
Important takeaways for all competitive exams:
- Silicon Valley Bank Headquarters: Santa Clara, California, United States;
- Silicon Valley Bank President: Gregory W. Becker;
- Silicon Valley Bank Founder: Roger V Smith;
- Silicon Valley Bank Founded: 1983;
- FDIC Founder: Franklin D. Roosevelt;
- FDIC Headquarters: Washington, D.C., United States.
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