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The bank launched on October 17, 1983, as a wholly owned subsidiary of Silicon Valley Bancshares (now SVB Financial Group). [ 1 ] [ 2 ] It lined up 100 initial investors, including NFL quarterback Jim Plunkett , and well-connected former U.S. representative Pete McCloskey joined its board to give the bank credibility with the venture capital ...
SVB Financial was founded as Silicon Valley Bancshares on April 23, 1982, by Bill Biggerstaff and Robert Medearis over a poker game. [14] [15] Silicon Valley Bank was incorporated as a wholly-owned subsidiary in October 17, 1983. [1] In 1988, the company went public via an initial public offering, raising $6 million. [16]
Final CEO of Silicon Valley Bank (SVB) prior to its collapse in 2023 Gregory W. Becker (born 1966 or 1967 [ 1 ] ) is an American business executive who was the chief executive officer of SVB Financial Group and its chief banking subsidiary Silicon Valley Bank (SVB) from 2011 to 2023. [ 2 ]
Silicon Valley Bank is trying to move forward after its historic collapse, and the bank’s president is working to rehabilitate SVB’s image.
The Fed's rate increases lowered the value of Silicon Valley Bank's bonds, forcing it to sell assets at a loss once depositors began pulling their money. That sale, which it disclosed on March 8 ...
The new CEO of Silicon Valley Bank held an all-hands meeting on Wednesday and sought to reassure employees that the bank was not planning on closing its doors, according to two people who listened ...
On March 10, 2023, Silicon Valley Bank (SVB) failed after a bank run, marking the third-largest bank failure in United States history and the largest since the 2007–2008 financial crisis. [ 1 ] [ 2 ] It was one of three bank failures, along with Silvergate Bank and Signature Bank , in March 2023 in the United States.
A customer takes a photograph of a newly posted letter at the Silicon Valley Bank headquarters in Santa Clara, California, U.S. March 13, 2023.