SVB Financial Group

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Former financial-services holding company whose principal subsidiary, Silicon Valley Bank, failed in March 2023.

Last updated August 21, 2026

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Overview

SVB Financial Group was a U.S. financial-services holding company built around Silicon Valley Bank, a commercial bank that specialized in companies, investors, and professionals connected with technology, life sciences, venture capital, private equity, and other innovation-driven sectors. The group was founded in 1982 as Silicon Valley Bancshares, and Silicon Valley Bank was incorporated as its wholly owned banking subsidiary in 1983. Over time, the organization expanded beyond commercial banking into private banking, wealth management, investment banking, securities research, venture capital, and fund-management services. The company differentiated itself through a concentrated understanding of venture-backed businesses and their financial ecosystems. Silicon Valley Bank provided deposit accounts, credit facilities, treasury services, foreign-exchange services, and other banking products to start-ups and their investors. Related businesses served high-net-worth individuals, private-equity and venture-capital professionals, institutional investors, and healthcare and technology companies. This specialization gave SVB strong relationships within the innovation economy, but it also created significant exposure to a relatively concentrated customer base and to the funding patterns of venture-backed companies. The holding company went public in 1988 and later adopted the name SVB Financial Group in 2005 to reflect its broadening business model. Its major corporate developments included the creation and expansion of investment-banking activities, entry into private banking, the acquisition of Leerink Partners in 2019, the purchase of Boston Private Financial Holdings in 2021, and the acquisition of research firm MoffettNathanson in the same year. SVB Leerink was renamed SVB Securities in 2022. The group’s defining event occurred in March 2023. Silicon Valley Bank experienced an exceptionally rapid deposit run after announcing actions intended to strengthen its balance sheet. The California Department of Financial Protection and Innovation closed the bank on March 10, 2023, and appointed the Federal Deposit Insurance Corporation as receiver. The bank’s operations were transferred to a bridge bank and subsequently sold to First Citizens Bank. The holding company was not itself placed into the FDIC receivership, but it lost its principal banking subsidiary and moved its headquarters from Santa Clara to New York City after the authorities took control of the shared premises. SVB Financial Group filed for Chapter 11 bankruptcy protection on March 17, 2023. It then pursued separate sales and restructuring arrangements for its remaining businesses. SVB Securities was sold through a management-led transaction and became Leerink Partners. SVB Capital was transferred through a transaction involving a newly formed entity affiliated with Pinegrove Capital Partners, with financial backing reported from Brookfield Asset Management and Sequoia Heritage. The company also agreed to sell SVB Global Services India to First Citizens BancShares. In August 2024, a U.S. bankruptcy judge authorized the company to distribute assets to creditors and conclude the bankruptcy process. SVB Financial Group therefore survives as a historical corporate entity and bankruptcy estate rather than as the operating bank holding company that existed before March 2023.

History

SVB Financial Group began as Silicon Valley Bancshares, founded on April 23, 1982, by Bill Biggerstaff and Robert Medearis. The founders reportedly developed the idea while playing poker, with the business intended to address the financial needs of companies and entrepreneurs in the emerging Silicon Valley economy. Silicon Valley Bank was incorporated as a wholly owned subsidiary on October 17, 1983. The company completed an initial public offering in 1988, raising approximately $6 million. Its shares benefited from the expansion of technology and venture-backed businesses during the dot-com boom, although the stock lost roughly half its value when the technology bubble burst. The company reincorporated in Delaware in 1999. Ken Wilcox became chief executive in 2000. SVB broadened its activities during the 2000s. Its investment-banking operation expanded through the 2001 acquisition of Palo Alto Alliant Partners, which was renamed SVB Alliant. In 2002, the company formally entered private banking, building on relationships with venture investors, entrepreneurs, and other wealthy clients. SVB Alliant later ceased operations in 2007. During the global financial crisis, the U.S. Treasury invested $235 million in SVB Financial through the Troubled Asset Relief Program in December 2008. The company repurchased the government's shares and warrants in December 2009, using proceeds that included a $300 million stock offering. On May 31, 2005, Silicon Valley Bankshares adopted the name SVB Financial Group. The change reflected an effort to present the company as a diversified financial-services group rather than solely as a commercial-bank parent. Greg Becker later became chief executive and led the company through a period of rapid expansion tied to technology, healthcare, venture capital, and private equity. The group re-entered investment banking more substantially with its January 2019 acquisition of Leerink Partners, a healthcare-focused investment bank. The business was renamed SVB Leerink and later SVB Securities in February 2022. In 2021, SVB acquired Boston Private Financial Holdings and integrated Boston Private Bank & Trust Company into Silicon Valley Bank and SVB Private. It also acquired MoffettNathanson, a research firm specializing in media and telecommunications. These transactions expanded the group’s private banking, wealth-management, investment-banking, and research capabilities. The company’s business model became increasingly linked to the venture-backed economy. During the technology and venture-capital expansion preceding 2023, deposits from start-ups and their investors grew quickly, while the bank invested a substantial portion of its assets in securities. When venture funding weakened and depositors began drawing down cash, the bank faced pressure to raise liquidity and strengthen capital. An announcement concerning securities sales and a proposed capital raise prompted a rapid loss of confidence and an unprecedented pace of withdrawals. On March 10, 2023, California regulators closed Silicon Valley Bank and appointed the FDIC as receiver. The bank’s deposits and assets were transferred to a bridge bank, and First Citizens Bank later acquired the operating bank. The holding company was outside the FDIC receivership, but the failure removed its principal subsidiary and caused the group to relocate its headquarters from Santa Clara to New York City after the shared premises were seized by the receiver. SVB Financial Group began examining sales of SVB Capital and SVB Securities and filed for Chapter 11 on March 17, 2023. The bankruptcy process separated the remaining businesses. SVB Securities was sold through a management buyout led by Jeffrey Leerink and was renamed Leerink Partners. MoffettNathanson was not included in that transaction. In 2024, SVB Financial announced transactions involving SVB Capital and SVB Global Services India. The SVB Capital investment platform was to be transferred to a newly formed Pinegrove-affiliated entity, while the Indian subsidiary was agreed for sale to First Citizens BancShares. In August 2024, the bankruptcy court authorized the distribution of assets to creditors and the conclusion of the case. The corporate group consequently ceased operating as an independent banking organization.

2024
Bankruptcy concluded
[1]SVB Financial Groupen.wikipedia.org
A U.S. judge approved the transfer of assets to creditors and the end of the bankruptcy proceedings.
2023
Silicon Valley Bank failed
[2]FDIC press release on Silicon Valley Bank receivershipfdic.gov
A rapid deposit run led regulators to close Silicon Valley Bank and appoint the FDIC as receiver.
2023
Chapter 11 filing
[1]SVB Financial Groupen.wikipedia.org
SVB Financial Group sought bankruptcy protection after losing its principal banking subsidiary.
2021
Expanded private banking and research
[1]SVB Financial Groupen.wikipedia.org
The group acquired Boston Private Financial Holdings and MoffettNathanson.
2019
Acquired Leerink Partners
[1]SVB Financial Groupen.wikipedia.org
SVB Financial acquired healthcare investment bank Leerink Partners and renamed it SVB Leerink.
2008
Received TARP investment
[1]SVB Financial Groupen.wikipedia.org
The U.S. Treasury invested $235 million in the company through the Troubled Asset Relief Program.
2005
Renamed SVB Financial Group
[1]SVB Financial Groupen.wikipedia.org
Silicon Valley Bankshares adopted the SVB Financial Group name to reflect its broader financial-services activities.
1999
Reincorporated in Delaware
[1]SVB Financial Groupen.wikipedia.org
The company changed its legal place of incorporation to Delaware.
1988
Initial public offering
[1]SVB Financial Groupen.wikipedia.org
The company went public and raised approximately $6 million.
1983
Silicon Valley Bank incorporated
[1]SVB Financial Groupen.wikipedia.org
Silicon Valley Bank was established as the group's wholly owned banking subsidiary.
1982
Silicon Valley Bancshares founded
[1]SVB Financial Groupen.wikipedia.org
Bill Biggerstaff and Robert Medearis founded the company that became SVB Financial Group.

Products and positioning

Specialist financial-services platform for technology, life-sciences, venture-capital, private-equity, and other innovation-economy customers.

Commercial banking · 1983
Silicon Valley Bank
The group's principal operating business until March 2023. Silicon Valley Bank provided deposits, lending, treasury management, payments, foreign exchange, and other banking services to start-ups, technology companies, life-sciences businesses, venture-capital firms, private-equity funds, and their founders and employees. It was placed into FDIC receivership in March 2023 and its operating business was subsequently acquired by First Citizens Bank.
Private banking and wealth management · 2002
SVB Private
A private-banking and wealth-management platform serving entrepreneurs, venture investors, private-equity professionals, and high-net-worth individuals. Its services were connected with Silicon Valley Bank and related businesses including SVB Investment Services and SVB Wealth. SVB Private was placed into receivership and transferred through the First Citizens transaction.
Investment banking and securities research · 2019
SVB Securities
The group's investment-banking and research business, focused particularly on healthcare and related sectors. It originated with the acquisition of Leerink Partners, operated as SVB Leerink, and was renamed SVB Securities in 2022. It was sold through a management buyout in 2023 and became Leerink Partners.
Venture capital and fund management
SVB Capital
The group's venture-capital investment platform, associated with investments in funds and companies in the innovation economy. During the bankruptcy restructuring, control of the platform was transferred to a newly formed entity affiliated with Pinegrove Capital Partners.
Equity research · 2021
MoffettNathanson
A media and telecommunications research business acquired by SVB Financial Group in 2021. It was not included in the 2023 sale of SVB Securities.

Controversies

2023
Silicon Valley Bank collapse
Silicon Valley Bank suffered a rapid deposit run in March 2023 and was closed by California regulators. The event became one of the largest U.S. bank failures by assets and triggered intense scrutiny of the bank's interest-rate risk, liquidity management, depositor concentration, governance, supervision, and communications.
Source

2023
Chapter 11 restructuringOther
Background
The failure of Silicon Valley Bank removed SVB Financial Group's main operating subsidiary and left its remaining businesses subject to creditor and court proceedings.
Action taken
The holding company filed for Chapter 11 protection and pursued separate transactions for SVB Securities, SVB Capital, and SVB Global Services India.
Aftermath
The remaining businesses were sold or transferred, and the bankruptcy process was authorized to conclude in 2024.
Source
2021
Acquisitions of Boston Private and MoffettNathansonM&A
Background
The group pursued broader private-banking, wealth-management, and research capabilities.
Action taken
SVB acquired Boston Private Financial Holdings and media and telecommunications research firm MoffettNathanson.
Aftermath
Boston Private's bank was integrated into Silicon Valley Bank and SVB Private, while MoffettNathanson remained outside the SVB Securities sale.
Source
2019
Acquisition of Leerink PartnersM&A
Background
SVB sought to expand its investment-banking capabilities, particularly in healthcare and life sciences.
Action taken
SVB Financial acquired Leerink Partners and operated it as SVB Leerink.
Aftermath
The business later became SVB Securities and was separated from the group during bankruptcy.
Source
2005
Rebrand as SVB Financial GroupStrategy
Background
The company had expanded beyond its original commercial-banking identity into private banking, investment banking, and other financial services.
Action taken
Silicon Valley Bankshares changed its corporate name to SVB Financial Group.
Aftermath
The new name emphasized a diversified group structure while Silicon Valley Bank remained the principal operating subsidiary.
Source

Recent events

2022-01-11
Bolster announced $11 million Series B financing[4]Bolster宣布完成1,100万美元B轮融资prweb.com
Reported: 2022-01-11
Bolster announced $11 million in Series B financing, led by Foundry and including participation from existing and new investors.
2021-12-13
SVB Financial Group announces acquisition of MoffettNathanson[5]SVB Financial Group宣布收购MoffettNathansonlightreading.com
Reported: 2021-12-13
SVB Financial Group announced its acquisition of MoffettNathanson LLC, which it said would enable SVB Leerink to expand research coverage to include companies in both healthcare and technology.
2020-05-11
SVB Financial Group appoints Alison Davis to its board[6]SVB Financial Group任命Alison Davis为董事会成员prnewswire.com
Reported: 2020-05-11
SVB Financial Group appointed Alison Davis to its board of directors, effective May 11, 2020. Davis will also serve on the board of Silicon Valley Bank.
2019-12-02
SVB Financial Group priced a $350 million preferred stock offering[7]SVB Financial Group 为 3.5 亿美元优先股发行定价prnewswire.com
Reported: 2019-12-02
SVB Financial Group announced the pricing of an offering of 14 million depositary shares at an aggregate offering price of $350 million. The offering was expected to close on December 9, 2019, subject to customary closing conditions.
2019-10-24
SVB Financial Group reports third-quarter 2019 results[8]SVB Financial Group公布2019年第三季度业绩prnewswire.com
Reported: 2019-10-24
SVB Financial Group announced financial results for the third quarter ended September 30, 2019, reporting consolidated net income available to common stockholders of $267.3 million.

Sources17 sources

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