SVB collapse: SVB Financial Group files for chapter 11 bankruptcy

SFriday, VB Financial Group announced that it filed for chapter 11 bankruptcy. This was to allow the company to reorganize and remain under court supervision.

SVB Securities, SVB Capital, and their funds and general partners were exempted from the bankruptcy.

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This bankruptcy filing comes one week after Silicon Valley Bank was taken by state regulators. According to the release, Silicon Valley Bank is now an independent entity from the SVB Financial Group. It operates under the FDIC’s supervision.

This is a breaking story that will be updated.