VCs Convinced Startups to Keep Money With New SVB, Bank Says (1)

Venture capitalists have largely kept the promise they made the day after Silicon Valley Bank dramatically collapsed: They would continue doing business with the bank if it was able to continue operating.

In a private call on Tuesday, the new chief executive officer of Silicon Valley Bridge Bank, Tim Mayopoulos, said that private markets have been instrumental for the institution in maintaining its deposit base, according to a readout of the call reviewed by Bloomberg. During the conversation with the Institutional Limited Partners Association, a trade association, Mayopoulos said that VCs had returned significant deposits that were moved ...