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Silicon Valley Bank's Former Parent Company Files for Bankruptcy
The bank had some crypto customers, including Circle Internet Financial and Ripple.
Updated May 9, 2023, 4:10 a.m. Published Mar 17, 2023, 12:37 p.m.
Silicon Valley Bank's former parent company, SVB Financial Group (SIVB), filed for Chapter 11 bankruptcy protection Friday in the U.S. Bankruptcy Court for the Southern District of New York.
SVB Financial stressed that it is no longer affiliated with Silicon Valley Bank, which was shut down by regulators last week, sending shock waves through the banking world.
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The bank's collapse was sandwiched between the implosions of crypto-focused Silvergate Bank and Signature Bank (SBNY). While not as focused on crypto as those two firms, Silicon Valley Bank had some high-profile crypto customers, such as stablecoin issuer Circle Internet Financial and blockchain-based digital settlement provider Ripple.
SVB Financial said it has around $2.2 billion in liquidity, about $3.3 billion in bond debt and $3.7 billion of preferred equity outstanding.
The company also specified that SVB Capital and SVB Securities, respectively its venture capital and broker-dealer arms, are not included in the bankruptcy filing.
Read more: U.S. Banking Crisis Could Strengthen Crypto Long Term, Experts Say
UPDATE (March 17, 12:50 UTC): Adds additional detail on SIVB's financials and background on collapse of Silicon Valley Bank.
UPDATE (March 17, 14:04 UTC): Adds the SVB Financial is Silicon Valley Bank's former parent company in headline, first paragraph; adds that SVB Capital and SVB Securities are not included in the bankruptcy.
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