Parent Of Silicon Valley Bank Seeks Bankruptcy Protection

SVB Financial Group is filing for Chapter 11 bankruptcy protection. SVB Financial Group is no longer affiliated with Silicon Valley Bank or the bank’s private banking and wealth management business, SVB Private. SVB Financial Group ran Silicon Valley Bank up until it was seized last Friday. The bank’s successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the Federal Deposit Insurance Corp. and is not included in the Chapter 11 filing.