SVB Financial Group said Tuesday the Federal Deposit Insurance Corporation had taken “improper actions” to cut it off from cash held at its former subsidiary Silicon Valley Ba…
SVB Financial made the accusations in court filings ahead of its first bankruptcy hearing on Tuesday afternoon in Manhattan. It filed for Chapter 11 protection about a week after California banking regulators on March 10 closed Silicon Valley Bank in theThe collapse this month of the Santa Clara, Calif.
SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking units, which were not included in the FDIC takeover of Silicon Valley Bank.
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SVB Financial Group accuses FDIC of cutting it off from cashSVB Financial Group said on Tuesday the U.S. Federal Deposit Insurance Corporation had taken 'improper actions' to cut it off from cash held at its former subsidiary Silicon Valley Bank, which was seized by regulators to stem a national bank run.
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FDIC to relaunch sale of SVB, moves toward break-up planThe U.S. Federal Deposit Insurance Corp (FDIC) is planning to relaunch the sale process for Silicon Valley Bank after failing to attract buyers in its latest auction, with the regulator seeking a potential break-up of the failed lender, according to people familiar with the matter.
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FDIC to break up SVB, seeks separate sale of private unitThe Federal Deposit Insurance Corporation on Monday decided to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week.
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SVB collapse: FDIC extends deadline for bidding on failed bankThe Federal Deposit Insurance Corporation announced Monday that the sale of Silicon Valley Bank would be broken into two parts and extended the deadline for bidding.
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SVB collapse: Influential lawmakers call to lift $250,000 cap on FDIC deposit insuranceProminent lawmakers are now calling for an increase in FDICgov's $250,000 insurance limit amid the continuing fallout from SVB’s collapse. SenWarren said raising the cap is a 'good move.' “Perhaps that’s not enough,” SenatorRounds said of the limit.
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Forbes Daily: Empty Payroll Promises 💰In this issue of Forbes Daily: - Why could Trump be arrested Tuesday - UBS agreed to buy its troubled rival Credit Suisse for $3.2 billion - Former Microsoft CEO is building a $2 billion arena for the LA Clippers Read more: by lcs_smythe
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