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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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.
You may also read this:
- Tech Mahindra named former Infosys President Mohit Joshi as MD and CEO
- GoI appoints Siddhartha Mohanty as interim chairman of LIC