Silicon Valley Bank

Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California, serving companies in the technology, life science, energy & resource innovation, venture capital, private equity and premium wine sectors. The California Department of Financial Protection and Innovation closed the bank on March 10, 2023 and appointed the Federal Deposit Insurance Corporation receiver; since March 27, 2023 Silicon Valley Bank has operated as a division of First-Citizens Bank & Trust Company. With about 2,430 FTE employees, SVB served more than 600 venture capital firms and over 150 private equity firms in the U.S. and worldwide. Silicon Valley Bank was one of the leading providers of services to premium wine producers in the Western United States, mainly in Napa Valley, Sonoma County and Central Coast regions, and the Pacific Northwest. The bank had about 30 branches in the United States and international offices in Hong Kong, Beijing, Shanghai, Bangalore, Herzliya Pituach (Israel), and London, the UK. The company was established in 1983 and operated as a subsidiary of SVB Financial Group, which also comprised SVB Capital, SVB Analytics and SVB Private Bank. SVB Private Bank offered private banking services, including an online platform, mortgages, and secured and unsecured lending. SVB was named one of America’s best banks and one of America’s best-managed companies by Forbes. At September 30, 2017, the company had total assets of $50.8 billion, deposits of $45 billion and net loans of $22 billion. SVB Financial Group’s market capitalization was $11.4 billion as of November 22, 2017.

Headquarters address:
3003 Tasman Drive
Santa Clara, CA 95054-1191
United States
Phone: 1 800 774 7390
Website: www.svb.com

United Kingdom
41 Lothbury
London, England EC2R 7HF

Hong Kong
Suite 801, 8/F
Jardine House, 1 Connaught Place, Central

Israel
2 Hamenofim Street
Sea View Towers, Tower B, 7th Floor
Herzliya 4672553

Failure and resolution

The California Department of Financial Protection and Innovation closed Silicon Valley Bank on March 10, 2023 and appointed the Federal Deposit Insurance Corporation receiver. At December 31, 2022 the bank had total assets of about $209.0 billion and total deposits of about $175.4 billion, and the FDIC put the estimated cost of the failure to the Deposit Insurance Fund at about $18.7 billion. The deposits and assets were transferred to a bridge bank, Silicon Valley Bridge Bank, N.A., which operated from March 13 to March 26, 2023. First-Citizens Bank & Trust Company of Raleigh, North Carolina assumed all of the deposits and loans, and the 17 former branches reopened as First-Citizens Bank & Trust Company on March 27, 2023. Silicon Valley Bank continues to operate as a division of First-Citizens Bank & Trust Company. The former parent company, SVB Financial Group, filed a voluntary petition for Chapter 11 bankruptcy protection on March 17, 2023.