SVB Financial Group

SVB Financial Group was a financial services holding company headquartered in New York City whose principal subsidiary was Silicon Valley Bank, a commercial bank serving the technology and venture capital sectors. In March 2023, customers attempted to withdraw about 142 billion dollars of the bank's 175 billion dollars in deposits over two days, triggering the largest bank failure by assets since the 2008 financial crisis. One week after the bank's failure, on March 17, 2023, SVB Financial Group itself filed for Chapter 11 bankruptcy protection, and it subsequently sold off its remaining subsidiary businesses, including its investment banking and venture capital divisions, through the bankruptcy process. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/