SVB Financial Group, the parent company of Silicon Valley Bank, announced Friday in a press release that it had filed for Chapter 11 bankruptcy protection.
The filing comes after Silicon Valley Bank collapsed last week in the second largest bank failure in U.S. history. The firm had discharged assets at a loss from a portfolio containing long-term government and corporate bonds to supply depositors with their funds before the Federal Deposit Insurance Corporation assumed control of the company.
Bank regulators in the state of California closed down the bank and named the Federal Deposit Insurance Corporation (FDIC) as the receiver.
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“SVB Financial Group intends to use the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and the Company’s other assets and investments. As previously announced,
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