SVB Financial Group has filed for protection under Chapter 11 of the United States Bankruptcy Code.
SVB Financial Group, which used to be the parent company of Silicon Valley Bank, has submitted a petition for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York with intentions to "protect value".
SVB Financial Group has announced that it is no longer affiliated with Silicon Valley Bank N.A., or its private banking and wealth management business, SVB Private. Instead, the bank's successor, Silicon Valley Bridge Bank, N.A., is now operating under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC). This change does not affect the Chapter 11 filing, which remains in place. SVB Financial Group noted that it is fully committed to providing the highest quality of service to its customers in this new era, and that its operations remain unaffected by the transition.
