SVB collapse: SVB Financial Group files for chapter 11 bankruptcy

By Washington Examiner
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Silicon Valley Bank
A Silicon Valley Bank sign is shown in San Francisco, Monday, March 13, 2023. Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall. Regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. (AP Photo/Jeff Chiu) Jeff Chiu/AP

SVB collapse: SVB Financial Group files for chapter 11 bankruptcy

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SVB Financial Group announced Friday it was filing for chapter 11 bankruptcy to reorganize under court supervision.

The group announced that SVB Securities and SVB Capital’s funds and general partner entities would not be included in the chapter 11 bankruptcy.

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The bankruptcy filing comes a week after Silicon Valley Bank was seized by state regulators. Silicon Valley Bank in now a separate entity from the SVB Financial Group and is now operating under the FDIC’s jurisdiction, per the release.

This is a breaking story and will be updated.

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