Silicon Valley Bank’s parent company filed for bankruptcy after worry spread among its long-established customer base of tech startups, prompting regulators to seize the firm’s banking unit. SVB Financial Group listed assets and liabilities of as much as $10 billion each in a Chapter 11 petition filed in New York. Because Silicon Valley Bank is a California-chartered commercial bank and part of the Federal Reserve system, it is not eligible for bankruptcy and landed in Federal Deposit Insurance Corp.
Similar Stories to Svb Financial Group Files For Chapter 11 Bankruptcy Protection on Bing News
Amelia Pollard and Steven Church / Bloomberg, Time: Business
Fri, 03/17/2023 - 6:23am
Topics: bank&rsquo chapter because silicon valley bank california-chartered federal reserve federal deposit insurance corp broker-dealer svb securities svb capital santa clara california-based svb fdic washington mutual inc concern march peter thiel&rsquo founders fund silicon valley bank bill biggerstaff robert medearis dec u.s bankruptcy court southern district silicon valley svb financial group york silicon valley bank billion company parent assets tech receivership eligible filed startups million venture portfolio statement
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