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SVB Financial Group (SVB or SVBFG) is a financial services holding company headquartered in New York City. [2] 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.
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. [7] [8] [9]
Silicon Valley Bank's holding company, SVB Financial Group, was a component of the S&P 500. At the time of the collapse, its largest shareholders included The Vanguard Group, BlackRock, and State Street Corporation, which owned the stock in large exchange traded funds that track the performance of S&P 500. [131]
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.
Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis
Pictured are all former employees of SVB Financial Group, SVB’s parent company, including two who worked at the bank during the time of its collapse. In the center is Michael Descheneaux, SVB ...
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Regulators closed troubled Silicon Valley Bank after deposit outflows and a failed capital raise plunged the country's 16th largest bank into crisis, roiling the larger lending industry.. It ...