SVB Financial Group in Santa Clara, Calif., has filed for Chapter 11 bankruptcy protection a week after regulators seized its bank. The company said in a press release that it is seeking court-supervised reorganization in the U.S. Bankruptcy Court for the Southern District of New York. SVB said it continues to explore strategic alternatives for units SVB Capital and SVB Securities. SVB said it believes it has about $2.2 billion of

RBB Bancorp said the sister of Alan Thian, who resigned as the Los Angeles company’s president and CEO last year, has stepped down from its board. The $3.9 billion-asset RBB disclosed in a regulatory filing that Catherine Thian resigned on March 13, citing health reasons. She also resigned her posts on the company's asset/liability, nomination and corporate governance, director's loan and CRA committees. She also left the boards of RBB

Sterling Bancorp revised its fourth quarter and 2022 earnings after entering into a plea agreement with the Justice Department tied to the Southfield, Mich., company’s defunct mortgage program. The $2.5 billion-asset company said in a press release that it agreed to plead guilty to one count of securities fraud tied to disclosures for its Advantage Loan Program made between 2017 and 2019. Sterling agreed to pay $27.2 million in restitution

First Republic Bank in San Francisco will receive a total of $30 billion of uninsured deposits from 11 U.S. banks. The bank said in a press release that the funds will come from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist and U.S. Bank. The “collective support strengthens our liquidity position, reflects the ongoing quality of our business,

South Shore Bancorp in South Weymouth, Mass., has agreed to merge with 1831 Bancorp in Dedham, Mass. The parent companies for the $2.1 billion-asset Dedham Institution for Savings and the $2.1 billion-asset South Shore Bank said in a press release that the mutual will continue to operate independently. "We are two strong institutions that are coming together without the pressure to unnecessarily cause immediate disruption to our core businesses or

Goldman Sachs in New York bought the portfolio of underwater securities that accelerated the demise of Silicon Valley Bank in Santa Clara, Calif. SVB Financial disclosed in a regulatory filing that it sold Goldman the securities – which had a $24 billion book value – for net proceeds of $21.5 billion. SVB’s disclosure of the roughly $1.8 billion after-tax loss led to a run on deposits that led regulators to

BayVanguard Bank in Baltimore plans to raise up to $141 million as part of its plans to convert from a mutual to a fully-stock owned company. The $845 million-asset bank disclosed in a regulatory filing that BV Financial, a newly formed holding company, plans to sell 10.6 million to 14.4 million shares of stock. The offering should net proceeds of $103.8 million to $141 million, though it could increase to

A high-ranking Federal Reserve official will oversee the post-mortem for Silicon Valley Bank. The Fed said in a press release that Michael Barr, its vice chair for supervision, is leading a review of the supervision and regulation of Silicon Valley Bank. The review will be released by May 1. "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Fed Chair Jerome Powell