SVB Financial Group

SVB Financial Group
FormerlySilicon Valley Bancshares (1982–2005)
Company typePublic
IndustryFinancial services
FoundedApril 23, 1982; 42 years ago (1982-04-23)[1]
Founders
  • Bill Biggerstaff
  • Robert Medearis
Headquarters
New York City[2]
,
United States
Key people
RevenueIncrease US$7.40 billion (2022)
Decrease US$1.51 billion (2022)
Total assetsIncrease US$211.8 billion (2022)
Total equityDecrease US$16.0 billion (2022)
Number of employees
8,553 (December 2022)
Subsidiaries
Capital ratioTier 1 15.4% (2022)
WebsiteSVB Financial Group
Footnotes / references
[3][4]

SVB Financial Group (SVB or SVBFG) is a financial services holding company headquartered in New York City.[2] The company's main business unit was commercial bank Silicon Valley Bank, until the bank failed in March 2023 after a bank run.[5][6] The company was a member of the S&P 500 index until March 15, 2023.[7][8] According to public filings, as of December 31, 2022, SVB Financial Group had 164 subsidiaries.[9]

Until March 2023, the companies subsidiaries included Silicon Valley Bank and SVB Private, a private banking service affiliated with Silicon Valley Bank that, along with its affiliates SVB Investment Services and SVB Wealth, offered client services especially catered to private equity and high-net-worth individuals. Both Silicon Valley Bank and SVB Private were placed in receivership and sold to First Citizens Bank.[10][11] SVB Securities was sold to its management in July 2023 and renamed Leerink Partners.[12] SVB Capital was sold in May 2024 to a newly formed entity affiliated with Pinegrove Capital Partners.[13]

  1. ^ Silicon Valley Bancshares (March 19, 1999). "Silicon Valley Bancshares Form 10-K" (PDF). EDGAR. Securities and Exchange Commission. p. 3. Retrieved March 11, 2023.
  2. ^ a b Schubarth, Cromwell (March 23, 2023). "Silicon Valley Bank's ex-parent company is no longer based in Silicon Valley". Silicon Valley Business Journal. San Jose, California: American City Business Journals. Retrieved March 24, 2023.
  3. ^ "SVB Financial Group 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 24, 2023. Archived from the original on March 10, 2023. Retrieved March 10, 2023.
  4. ^ "Exhibit 21.1-Subsidiaries of SVB Financial Group". U.S. Securities and Exchange Commission. February 24, 2023.
  5. ^ Cite error: The named reference FDIC-PR was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
  7. ^ Assis, Claudia. "Silicon Valley Bank out of S&P 500 index; Insulet selected to replace it". MarketWatch. Archived from the original on March 11, 2023. Retrieved March 11, 2023.
  8. ^ https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20230310-1461992/1461992_sivb-5.pdf
  9. ^ SVB Financial Group (February 24, 2023). "Exhibit 21.1-Subsidiaries of SVB Financial Group – SVB Financial Group Annual Report on Form 10-K". EDGAR. U.S. Securities and Exchange Commission. Retrieved March 14, 2021.
  10. ^ Schubarth, Cromwell (March 17, 2023). "SVB Financial files for bankruptcy protection as it weighs sale of non-bank units". Silicon Valley Business Journal. San Jose, California: American City Business Journals. Retrieved March 17, 2023.
  11. ^ Britton, Diane (March 27, 2023). "SVB Private Goes to First Citizens, But How Much of It Is Left?". Informa. Retrieved March 28, 2023.
  12. ^ Chesto, Jon (July 17, 2023). "How Boston's biggest investment bank was reborn after SVB collapsed". Boston Globe. Archived from the original on July 17, 2023. Retrieved July 27, 2023.
  13. ^ PYMNTS (May 3, 2024). "Pinegrove Capital Partners-Affiliated Entity to Buy SVB Capital". PYMNTS.com. Retrieved May 5, 2024.