SVB Parent Company Files For Bankruptcy Amid Bank Turmoil

Customers wait in line outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 13, 2023. Vivian Yin/The Epoch Times

The parent company of the collapsed Silicon Valley Bank (SVB) has filed for bankruptcy.

SVB Financial Group, which is no longer affiliated with SVB after the failed bank was taken over by the Federal Deposit Insurance Corporation (FDIC), said in a press release Friday that it has filed a petition for a court-supervised reorganization under Chapter 11.