![]() ![]() ![]() history, later surpassed by the collapse of First Republic Bank during the March 2023 United States bank failures. ![]() This was, at the time, the second-largest bank failure in U.S. Citing inadequate liquidity and insolvency, state officials at the DFPI appointed the Federal Deposit Insurance Corporation (FDIC) receiver of the bank. In March 2023, after central bank–endorsed interest rate hikes during the 2021–2023 inflation surge, there was a bank run on its deposits, which led to its collapse and seizure on Maby the California Department of Financial Protection and Innovation (DFPI), its regulator. Īs a regional bank in the 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. states and over a dozen international jurisdictions. The bank was the primary subsidiary of SVB Financial Group, a publicly traded bank holding company that had offices in 15 U.S. It operated branches in California and Massachusetts. Silicon Valley Bank ( SVB) was a state-chartered commercial bank headquartered in Santa Clara, California. ![]()
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