Silicon Valley Bank Parent SVB Financial Officially Files For Bankruptcy

Silicon Valley Bank Parent SVB Financial Officially Files For Bankruptcy

March 17, 2023 – One week after trading was halted for SVB Financial and regulators took control of the holding company for Silicon Valley Bank and other subsidiaries, SVB Financial has taken the next inevitable step: Today it announced that it has formally filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

SVB Securities, SVB Capital’s funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclose bankruptcy as one of the potential options.

“SVB Financial Group intends to use the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and the company’s other assets and investments,” the company said in a press release Friday (March 17).

SVB Financial Group’s former banking unit, Silicon Valley Bank (SVB), remains under FDIC (Federal Deposit Insurance Corporation) receivership, with the government hoping to find a buyer.

In a separate call to venture clients on Friday, the CEO of Silicon Valley Bridge Bank Tim Mayopoulos addressed the filing while appearing to read from a script. “All the obligations of Silicon Valley Bridge Bank are backed by the FDIC and the full faith and credit of the U.S. government,” he said, reiterating that SVB Bank, SVB Securities, and SVB Capital are not included in the bankruptcy filing, as per the earlier statement. The wealth and private banking businesses are included in the bankruptcy filing.

Author:Com21.com,This article is an original creation by Com21.com. If you wish to repost or share, please include an attribution to the source and provide a link to the original article.Post Link:https://www.com21.com/silicon-valley-bank-parent-svb-financial-officially-files-for-bankruptcy.html

Like (1)
Previous March 17, 2023 8:42 pm
Next March 18, 2023 1:18 pm

Related Posts

  • Video: Kim Jong Un and Daughter Attend Military Parade in North Korea

    North Korean state media showed leader Kim Jong Un and his daughter attending a military parade in Pyongyang. Kim Ju Ae’s latest appearance raised further questions about the Kim family’s succession plans. Video: Kim Jong Un and Daughter Attend Military Parade in North Korea #KimJongUn #NorthKorea pic.twitter.com/igqBWxkUgf — MoneyHome (@moneyhomecom) February 10, 2023

    February 10, 2023
    0
  • Chemical Spills: How to Stay Safe If You’re in the Vicinity

      Chemical spills can be extremely dangerous, and it is essential to take the necessary precautions to ensure the safety of everyone in the area. In the event of a chemical spill, people who are in the vicinity or who live nearby must know what to do to avoid harm. Here are some tips on how to stay safe during a chemical spill: Stay away from the spill: The first thing you should do when you notice a chemical spill is to get as far away from it as possible….

    February 22, 2023
    0
  • HM Treasury and Bank of England consider plans for a digital pound

    The digital pound is an exciting new form of money issued by the Bank of England that has the potential to revolutionise our day-to-day spending. The digital pound could be used in-store or online to make payments, meaning that people no longer need to carry cash around or use physical debit/credit cards. It also removes the need for middlemen such as banks and payment processors, meaning transactions are more secure, faster and cheaper. The digital pound is a type of central bank digital currency (CBDC) which is a digital form…

    February 11, 2023
    0
  • Yahoo Finance: U.S. Government Guarantees all Silicon Valley Bank Deposits, Money Available Monday

    Financial regulators said Sunday night depositors of the failed Silicon Valley Bank will have access to all of their money starting Monday, March 13, while announcing new facilities to backstop deposit withdrawals across the banking system amid fears of contagion following SVB’s shock failure last week. In a joint statement, the heads of the Federal Reserve, Treasury Department, and FDIC said: “After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its…

    March 13, 2023
    0
  • SVB Collapse: Federal Regulators Shut Down Signature Bank in New York

    Signature Bank New York, which worked with cryptocurrency companies, was closed by the state chartering authority, New York Department of Financial Services (DFS), U.S. regulators announced on Sunday March 12. All depositors will be able to receive 100% of their money, federal regulators said. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” according to a joint statement from Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, and the Federal Deposit Insurance…

    March 13, 2023
    0
  • China’s Potential Involvement in Ukraine: A Dangerous Shift Towards a New Axis Power

    The rumors of China’s direct involvement in Russia’s invasion of Ukraine have caused shock and concern among many. Such a move would have a significant impact on global politics and security, and could potentially trigger the start of World War III. If these rumors are true, it would mean that China is moving in a dangerous direction and becoming one of the new Axis powers. Looking back at history, the Axis powers were an alliance between Germany, Italy, and Japan during World War II. They aimed to expand their territories…

    February 21, 2023
    0
  • Silicon Valley Bank Closed by Regulators, FDIC Takes Control. What’s Going on With Silicon Valley Bank?

    The Federal Deposit Insurance Corporation said on Friday that it would take over Silicon Valley Bank, a 40-year-old institution based in Santa Clara, Calif. The bank’s failure is the second-largest in U.S. history, and the largest since the financial crisis of 2008. Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of…

    March 10, 2023
    0
  • Staying Safe during Chemical Explosions: Tips for Personal Safety in the Event of Toxic Chemical Explosions

    Chemical explosions can be dangerous and even deadly. These incidents can happen in a variety of settings, including industrial plants, laboratories, and even homes. It is important to know how to protect yourself and others in the event of a chemical explosion. If you hear an explosion or see smoke, stay calm and quickly assess the situation. If you are inside a building, move away from windows and close doors behind you. If you are outside, move away from the source of the explosion. Try to get at least 300…

    February 22, 2023
    0
  • The Environmental Hazards of Chemical Spills and Toxic Chemical Explosions

    Chemical leaks and toxic chemical explosions can have devastating effects on the environment. They can contaminate soil, water, and air, posing serious health risks to both humans and wildlife. It is important to understand the potential environmental hazards of these incidents and take measures to prevent them from happening in the first place. Chemical leaks occur when chemicals are released into the environment due to a spill or accident. These leaks can occur in a variety of settings, including factories, transportation routes, and storage facilities. When a chemical leak occurs,…

    February 22, 2023
    0
  • AP: After two historic US bank failures, here’s what comes next

    WASHINGTON (AP) — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the financial meltdown that began with the bursting of the housing bubble 15 years ago. Yet the initial pace this time around seems even faster. Over the last three days, the U.S. seized the two financial institutions after a bank…

    March 14, 2023
    0

Leave a Reply

Your email address will not be published. Required fields are marked *