Silicon Valley Bank

Extracted Attributes

• Founders

  Bill Biggerstaff and Robert Medearis

• Industry

  Commercial Banking

• First CEO

  Roger V. Smith

• Headquarters

  Santa Clara, California, United States

• Inception Date

  1983-10-17

• Total Assets (Dec 2022)

  209 billion USD

• Total Deposits (Dec 2022)

  175.4 billion USD

Timeline

• Silicon Valley Bank is founded as a state-chartered bank in California. (Source: Wikidata)

  1983-10-17

• SVB partners with Shanghai Pudong Development Bank to create SPD Silicon Valley Bank in China. (Source: Web Search)

  2012-08-01

• SVB reports approximately $209 billion in total assets and $175.4 billion in total deposits. (Source: Web Search)

  2022-12-31

• The bank is closed by the California Department of Financial Protection and Innovation due to insolvency. (Source: Wikipedia)

  2023-03-10

• U.S. Treasury, Federal Reserve, and FDIC issue a joint statement guaranteeing all SVB deposits. (Source: Wikipedia)

  2023-03-12

• Silicon Valley Bridge Bank, N.A. is established by the FDIC to resume banking activities. (Source: Web Search)

  2023-03-13

• First Citizens Bank & Trust Company acquires all customer deposits and loans of the bridge bank. (Source: Wikipedia)

  2023-03-27

• Silicon Valley Bank is named one of the 'Worst Companies' of the year at the All-In Podcast Bestie Awards. (Source: Document 47c5a1f9-3bf9-4d68-ae85-a92717b28f78)

  2023-12-29

Silicon Valley Bank

Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group, a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions. As a regional bank in the San Francisco Bay Area, SVB offered services specifically designed to meet the needs of the tech industry, and soon became the largest bank by deposits in Silicon Valley and the preferred bank of almost half of all venture-backed tech startups. In March 2023, after central bank–endorsed interest rate hikes during the 2021–2023 inflation spike, there was a bank run on its deposits, which led to its collapse and seizure on March 10, 2023 by the California Department of Financial Protection and Innovation (DFPI), its regulator. Citing inadequate liquidity and insolvency, state officials at the DFPI appointed the Federal Deposit Insurance Corporation (FDIC) receiver of the bank. This was, at the time, the second-largest bank failure in U.S. history, later surpassed by the collapse of First Republic Bank during the March 2023 United States bank failures. On March 12, 2023, a joint statement was issued by Secretary of the Treasury Janet Yellen, Federal Reserve Chairman Jerome Powell, and FDIC Chairman Martin Gruenberg, stating that all depositors at SVB would be fully protected and would have access to both insured and uninsured deposits starting the following Monday, March 13. The FDIC then established a bridge bank successor, Silicon Valley Bridge Bank, N.A., which quickly assumed ongoing business. On March 27, 2023, First Citizens Bank & Trust Company, a subsidiary of First Citizens BancShares, assumed all customer deposits and acquired all loans of Silicon Valley Bridge Bank from the FDIC and began operating all SVB branches.

Web Search Results

• Silicon Valley Bank

  Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent [...] abusive. Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as well as the other divisions, subsidiaries, and affiliates of First-Citizens Bank & Trust Company (together, SVB), are U.S. financial institutions and provide products and services to non-U.S. clients on a cross-border basis from the United States of America. SVB is not licensed or regulated as a bank or any other type of financial institution outside of the United States of America. Please review our [...] Silicon Valley Bank (1d 1d Edited): We announced our strategic relationship with Pinegrove Venture Partners in March and are thrilled to end the year having already committed ~$1B in venture debt facilities. SVB’s Marc Cadieux : “Our strong relationship with Pinegrove remains a differentiated advantage for founders and investors. Together, we’re delivering tailored credit solutions that support the next generation of innovation.” Excited to see what’s in store for SVB + Pinegrove in 2026!

• The Fed - Evolution of Silicon Valley Bank - Federal Reserve Board

  Silicon Valley Bank Financial Group (SVBFG) was founded in 1983 and was headquartered in Santa Clara, California. Prior to its failure, SVBFG was a financial services company, financial holding company, and bank holding company with approximately $212 billion in total assets.27 SVBFG's principal subsidiary was Silicon Valley Bank (SVB), a California state-chartered bank with approximately $209 billion in assets (figure 2) that was a member of, and supervised by, the Federal Reserve System

• Silicon Valley Bank - Wikipedia

  Silicon Valley Bank was founded as a state-chartered bank in 1983 by Wells Fargo executive Bill Biggerstaff and Stanford University professor Robert Medearis to focus on the needs of startup companies. The two former Bank of America managers and tennis buddies came up with the idea over a game of poker in Pajaro Dunes, California. They hired Roger V. Smith, who had previously headed a high-tech lending unit at Wells Fargo, to be the bank's first CEO and president. The bank launched on October [...] SVB partnered with Shanghai Pudong Development Bank (SPDB) in 2012 to create a separate Shanghai-based bank, SPD Silicon Valley Bank, to lend to local technology startups. The new bank, owned 50–50 by the two companies, received approval from Chinese bank regulators to operate in renminbi (RMB), making it one of a handful of American-owned banks permitted to do so. SVB also managed two local yuan-denominated funds for Shanghai's Yangpu District government, and invested in a Hangzhou-based loan [...] Silicon Valley Bank was a member of the Federal Reserve System, with the bank's CEO serving as a class A member of the Federal Reserve Bank of San Francisco Board of Directors. It was also a member of several trade associations: TechNet, the Silicon Valley Leadership Group, the Bay Area Council, Tech:NYC, the Mid-Size Bank Coalition of America, and the American Bankers Association. As part of its foray into India, it partnered with the non-profit mentoring organization TiE beginning in the late

• Silicon Valley Bank: What happened before the collapse - NPR

  Silicon Valley Bank was started in 1983 after being conceived by Bill Biggerstaff and Robert Medearis over a game of poker, according to the bank's own history from 2003. The founders' goal was to provide banking services to tech startups in Silicon Valley. Their first office was in San Jose. Faulkner said the bank's focus on tech made in a "trailblazer" in that regard. [...] A Silicon Valley Bank office is seen in Tempe, Ariz., on Tuesday. For four decades, the company catered to tech startups. Rebecca Noble/AFP via Getty Images hide caption toggle caption Rebecca Noble/AFP via Getty Images A Silicon Valley Bank office is seen in Tempe, Ariz., on Tuesday. For four decades, the company catered to tech startups. Rebecca Noble/AFP via Getty Images Silicon Valley Bank is now known as the biggest U.S. bank failure since 2008. [...] Silicon Valley Bank first started in 1983. Forty years later, the bank collapsed. The bank's sign is shown in San Francisco on Monday. Jeff Chiu/AP hide caption toggle caption Jeff Chiu/AP Silicon Valley Bank first started in 1983. Forty years later, the bank collapsed. The bank's sign is shown in San Francisco on Monday. Jeff Chiu/AP

• FDIC Creates a Deposit Insurance National Bank of Santa ...

  Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers [...] WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank. [...] As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers. Customers with accounts in excess of $250,000 should contact the FDIC toll–free at 1-866-799-0959.

• Image

  

• Country

  United States

• Instance Of

  Q848507

• Headquarters

  Santa Clara

• Inception Date

  10/17/1983