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SVB Financial Group Files for Chapter 11 Bankruptcy with Roughly $2.2B of Liquidity

SVB Financial Group Files for Chapter 11 Bankruptcy with Roughly $2.2B of Liquidity

SVB Financial Group, the parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy in New York, listing nearly $10 billion each in assets and liabilities, and will seek a court-supervised reorganization.

The company said the filing does not include its investment banking and lending arms, SVB Capital or SVB Securities. SVB Financial intends to use the process to evaluate strategic alternatives for these units and other assets and investments.

SVB Financial said it had $2.2 billion of liquidity as well as $3.3 billion and $3.7 billion in bond debt and preferred equity outstanding, respectively.

“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities,” said William Kosturos, Chief Restructuring Officer for SVB Financial Group.

California banking regulators closed Silicon Valley Bank last Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets.

SVB is the largest bank to fail in more than a decade, holding approximately $209 billion in total assets as of the end of last year. It is the second largest bank to come under FDIC control, following only the collapse of Washington Mutual Inc. in 2008.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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