In light of the recent events surrounding Silicon Valley Bank (SVB) and Signature Bank, we thought it would be helpful to provide an update from Blend.
We recognize the events of the past week have had a significant impact on our industry. While this obviously is a unique and dynamic time, we’re staying laser focused on what’s in our control, which is to continue supporting our customers and executing our business strategy.
To be clear, Blend does not have any direct exposure to nor have a customer relationship with either SVB or Signature Bank. Blend works with a diversified network of banking partners to ensure that our business remains resilient. We do not have any deposits at either bank and do not see any balance sheet risks from the FDIC’s resolution of either institution.
You may have also heard that Blend’s former president, Tim Mayopoulos, has been appointed by the FDIC to lead the newly created bridge bank, Silicon Valley Bank, N.A., as chief executive officer. Tim will remain on our board of directors, and while he has stepped down from his role as president of Blend — a transition that was originally announced to take place sometime this quarter — the FDIC’s important efforts to protect the stability of the banking system necessitated his departure at this juncture. We are grateful for Tim’s immense contributions to Blend and wish him the best as he takes on his new role.
We acknowledge that this is an uncertain time for many in our industry, and we remain committed to supporting our customers and partners through not just these challenging times, but for decades to come. We will continue to monitor the evolving situation and take the necessary steps to maintain the security and stability of our business.