The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection.
Customers stand in a queue outside a branch of the Northern Rock, the British mortgage lender, in Harrow, London, on Sept. 17, 2007.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after the bank was taken over by the Federal Deposit Insurance Corporation. The bank’s successor, Silicon Valley Bridge Bank, was not included in the Chapter 11 filing.The bankruptcy filing by SVB Financial Group creates a legal battle over the bank’s remaining assets between the creditors of the holding company and regulators who are looking to make depositors whole.
Those assets include SVB Capital, the company’s venture capital and private credit fund, and SVB Securities, a regulated broker-dealer. Both continue to operate and have sources of funding, the company said.
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