In March 2023, SVB Financial Group filed a voluntary petition for a court-supervised reorganization under Chapter 11 of the US Bankruptcy Code.
What is SVB Financial Group?
SVB Financial Group (SVB OR SVBFG) is a financial services holding company headquartered in Santa Clara, California. The company's main business unit was a commercial bank Silicon Velly Bank, until it was closed in March 2023 after a bank run.
History
SVB Financial Group was founded as Silicon Valley Bancshares on April 23, 1982, by Bill Biggerstaff and Robert Medearis over a poker game. Silicon Valley Bank was incorporated as a wholly-owned subsidiary on October 17, 1983. In 1988, the company went public via an initial public offering, raising $6 million.
SVB Financial Group grew rapidly in the 1990s and 2000s, as it became the bank of choice for many technology companies. The company also expanded its services to include investment banking, asset management, and venture capital.
In March 2023, SVB Financial Group filed a voluntary petition for a court-supervised reorganization under Chapter 11 of the US Bankruptcy Code. The company was unable to meet its financial obligations due to a bank run, which was triggered by concerns about its exposure to the cryptocurrency market.
SVB Financial Group's assets were acquired by First Citizens Bank, a North Carolina-based bank. The acquisition was completed on March 10, 2023.
Is SVB Financial Group still in business?
No, SVB Financial Group is no longer in business. The company was acquired by First Citizens Bank in March 2023.
What is SVB Financial Group? Is it Still in Business? - I hope this article was informative.
