I am very proud of work we did there to restore the company to profitability and to stabilize the housing finance system in a period of unprecedented challenge. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18. I also come to this role with experience in these kinds of situations. I look forward to getting to know the clients of Silicon Valley Bank. More information will be provided as soon as it is available. We know many of you have questions and we appreciate your patience as our dedicated team works as quickly as possible to serve you. We are conducting business as usual within the US and expect to resume cross-border transactions in the coming days.If you wish to consummate those transactions, you need to reinitiate them. All wire payments entered on March 9 or 10 that have not already processed have since been cancelled.All NEW deposits are also protected by the FDIC.All existing deposits are protected by the FDIC.
You can read more in the press release issued today. Depositors have full access to their money and new and existing deposits are protected. Over the weekend, the FDIC transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. I have joined the company as CEO starting today. I recognize the past few days have been an extremely challenging time for our clients and our employees, and we are grateful for the support of the amazing community we serve. is open and conducting business as usual. A message to our clients from Silicon Valley Bank, N.A.
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