Silicon Valley Bank (SVB) was a commercial bank established in October 1983 by former Wells Fargo and Bank of America executives to serve technology startups and venture capital firms. It operated as the main banking subsidiary of SVB Financial Group. In March 2023, rapid interest rate increases and a downturn in the technology sector triggered a rapid deposit-withdrawal crisis, and California regulators seized the bank on March 10, 2023, citing inadequate liquidity and insolvency, with the Federal Deposit Insurance Corporation appointed as receiver, in what was at the time the second-largest bank failure in United States history. By March 27, 2023, First Citizens BancShares had acquired SVB's commercial banking operations, including about 119 billion dollars in deposits and 72 billion dollars in loans, and Silicon Valley Bank now operates as a division of First Citizens BancShares. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
Facts
Company Type Founded Year Chronology
Dissolved Year Company Type
Company Type (category) Silicon Valley Bank
Filter Results1 entry
Connections
Operates In
Source Wikipedia: Silicon Valley Bank
Related Corporate Events
Source Wikipedia, Collapse of Silicon Valley Bank
Subsidiary Of
Historical: SVB failed March 2023; parent relation recorded as it existed
Source Wikipedia, Silicon Valley Bank
In the Other Atlases
Located In
Also in Geography Atlas: where this subject is located.
Source Wikipedia: Silicon Valley Banktier 2
Sources
1. Federal Deposit Insurance Corporation: FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, California
Federal Deposit Insurance CorporationFirst paragraphQuote, First paragraph
Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation on Friday, March 10, 2023, and the FDIC was appointed receiver.
2. Wikipedia, Silicon Valley Bank
Lead section
Citing inadequate liquidity and insolvency, state officials at the DFPI appointed the Federal Deposit Insurance Corporation (FDIC) receiver of the bank.
Infobox: founded
October 17, 1983
- Subsidiary Of: SVB Financial Group, Lead section, description
View the SourceWikipedia, Collapse of Silicon Valley Bank
WikipediaRelated Corporate Events: Silicon Valley Bank Collapse, Article textQuote, Related Corporate Events: Silicon Valley Bank Collapse, Article text
Several hours later, the California Department of Financial Protection and Innovation seized SVB citing inadequate liquidity and insolvency, and placed it into the receivership of the FDIC. The failure of SVB was the largest by assets of any bank since the 2008 financial crisis and the second-largest failure of an FDIC-insured bank.
Wikipedia: Silicon Valley Bank
WikipediaOperates In: Financial Services Industry, Infobox: industryQuote, Operates In: Financial Services Industry, Infobox: industry
Financial services
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.