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SVB was a commercial bank founded in 1983 and headquartered in Santa Clara, California.At its collapse, SVB was the 16th largest bank in the U.S. by total assets and was heavily skewed toward serving companies and individuals from the technology industry.
Goldman Sachs, which had helped SVB with a proposed capital raise in March 2023 and ultimately purchased SVB’s securities portfolio, has also been subpoenaed, according to bankruptcy filings.
On March 17, 2023, Silicon Valley Bank's former parent company, SVB Financial Group, filed for Chapter 11 bankruptcy. The bankruptcy did not include its remaining subsidiaries, SVB Capital and SVB Securities. Silicon Valley Bridge Bank or SVB Private is also not part of the bankruptcy filing as they are no longer affiliated with SVB Financial ...
In February 2022, SVB Leerink was rebranded as SVB Securities. [30] In August 2024, SVB Financial Group received a U.S. judge's permission to turn over its assets to creditors and end its bankruptcy. [31] As part of its bankruptcy restructuring, SVB Financial sold various assets, spinning off its venture capital business and investment banking ...
Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis
SVB Financial, the parent of failed Silicon Valley Bank, filed for Chapter 11 bankruptcy one week after regulators seized control of the company's Santa Clara-based lender.
Until its collapse, SVB was the 16th largest bank in the United States and was heavily skewed toward serving companies and individuals from the technology industry. [31] [32] [33] Nearly half of U.S. venture capital-backed healthcare and technology companies were financed by SVB. [34]
SVB’s collapse has affected a number of other companies, particularly in the tech sector. On Friday, streaming company Roku said 26% of its cash on hand, about $487 million, had been held at SVB .