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11 Apr 15:19

About our Silicon Valley Bank news

Latest news on Silicon Valley Bank, which was one of the largest commercial banks in the United States, before its collapse and acquisition in 2023.

On 9 March 2023, shares of SVB Financial plunged more than 62% after the company proposed a share sale to shore up its balance sheet which had suffered a $1.8 billion loss on Treasuries due to rising inflation.

On 17 March 2023, Silicon Valley Bank's former parent company, SVB Financial Group, filed for Chapter 11 bankruptcy.

On 26 March 2023, the FDIC announced that First Citizens BancShares would acquire the commercial banking business of SVB. SVB's 17 branches reopened as "Silicon Valley Bank, a division of First Citizens Bank" the next day, with all SVB depositors becoming depositors of the new First Citizens brand.

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