The parent firm of US lender Silicon Valley Bank has filed for bankruptcy, nearly a week after US authorities swooped in and seized the bank’s assets following a run on deposits, which made it no longer tenable for the medium-sized bank to stay afloat on its own.
The bankruptcy process will be separate from the sale of Silicon Valley Bank’s (SVB) assets by the Federal Deposit Insurance Corporation (FDIC), an independent agency that maintains stability and public confidence in the US’s financial system.
Source: SVB Financial, Silicon Valley Bank Parent, Files For Bankruptcy Protection
