Silicon Valley Bank N.A’s new Chief Executive Officer, Tim Mayopoulos, said in a letter to clients on Monday that the lender is open and conducting business as usual.

All the existing and new deposits are protected by the financial regulator U.S. Federal Deposit Insurance Corp (FDIC), according to the letter seen by Reuters, adding that the bank is conducting business as usual within the United States and expected to resume cross-border transactions in the coming days.