- SVB Financial Group, the former parent company of Silicon Valley Bank, has filed for bankruptcy.
- The company owns other businesses aside from Silicon Valley Bank, which will be auctioned off.
- The bankruptcy process is separate from the sale of assets led by the FDIC to repay Silicon Valley Bank’s depositors.
- The failure of Silicon Valley Bank is the second-largest in US history, and the largest since the financial crisis of 2008.
The New York Times — Business — Bankruptcy SVB Financial Group — Regulation and Deregulation of Industry — Banking and Financial Institutions — Bankruptcies
Parent Company of Silicon Valley Bank Files for Bankruptcy
The former parent company of Silicon Valley Bank, SVB Financial Group, has filed for bankruptcy and will auction off its businesses.