Tim Mayopoulos, CEO, Silicon Valley Bank
The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae head Tim Mayopoulos as CEO of Silicon Valley Bank, a subsidiary of the recently shuttered SVB Financial Group.
Silicon Valley Bank, based in Santa Clara, California, was closed last week by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC, as receiver, immediately transferred to the DINB all insured deposits of Silicon Valley Bank. Silicon Valley Bank had 17 branches in California and Massachusetts.
Mayopoulos joined Fannie Mae in 2009 as EVP, General Counsel, and Corporate Secretary. In 2010, he became Chief Administrative Officer for the government-sponsored enterprise (GSE). He was named President and CEO of Fannie Mae in 2012.
Tim has had a long career in financial services. He served as the General Counsel of Bank of America for five years, and held senior roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette. Tim serves on the boards of directors of LendingClub, the leading digital marketplace bank in the U.S., and SAIC, a technology integrator for the civilian, defense and national security agencies of the U.S. government. Tim also serves as a director or advisor to a number of private companies.
As of December 31, 2022, Silicon Valley Bank had approximately $209 billion in total assets, and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
The FDIC was also named receiver last week of Signature Bank, based in New York, N.Y. Just like the case of SVB, to protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders. Signature Bank boasted 40 branches across the country in New York, California, Connecticut, North Carolina, and Nevada.
Signature Bank reported total assets of $110.4 billion and total deposits of $88.6 billion as of December 31, 2022. As receiver, the FDIC will operate Signature Bridge Bank, N.A. to maximize the value of the institution for a future sale and to maintain banking services in the communities formerly served by Signature Bank. The FDIC named Greg D. Carmichael as CEO of Signature Bridge Bank, N.A. Carmichael recently served as President and CEO of Fifth Third Bancorp.