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Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group , a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions.
The company's main business unit was the commercial bank Silicon Valley Bank, until the bank failed in March 2023 after a bank run. [5] [6] The company was a member of the S&P 500 index until March 15, 2023. [7] [8] According to public filings, as of December 31, 2022, SVB Financial Group had 164 subsidiaries. [9]
Silicon Valley Bank required an exclusive relationship of those borrowing from the bank. [23] Prior to Thursday March 9, 2023, SVB was in "sound financial condition", according to the California Department of Financial Protection and Innovation , [ 24 ] though an increased number of short sellers began to target SVB earlier in the year.
Until recently, Silicon Valley was the 16th largest bank in the country, with a reputation for catering to technology startups. But as interest rates rose, depositors grew anxious over the company ...
Bank failures can lead to acquisitions. In 2023, Silicon Valley Bank, Signature Bank and First Republic all failed as a result of customers pulling out their deposits – what is known as a run on ...
Signage for high-tech commercial bank Silicon Valley Bank, on Sand Hill Road in the Silicon Valley town of Menlo Park, California, August 25, 2016. (Photo via Smith Collection/Gado/Getty Images ...
Following the collapse of Silicon Valley Bank in March 2023, the management of SVB Securities planned to buy back their firm from the parent group. [18] On March 17, 2023, SVB Securities' parent company filed for Chapter 11 bankruptcy, but SVB Securities itself was not included in the Chapter 11 filing. [19]
Silicon Valley Bank is trying to move forward after its historic collapse, and the bank’s president is working to rehabilitate SVB’s image.