SVB Financial in Santa Clara, Calif., is exploring strategic options for its businesses that were not seized by regulators on Friday. SVB said in a press release that its board had formed a restructuring committee consisting of five independent directors to review options for the holding company and units SVB Capital and SVB Securities. SVB Capital is a venture capital and private credit fund platform, while SVB Securities is an

What a topsy-turvy week. In a matter of days, Silvergate shut down its crypto exchange network, then announced it would liquidate its bank. Regulators closed Silicon Valley Bank less than two days after the bank sold a large chunk of securities at a substantial loss to offset a steep drop in deposits. Next came Signature Bank and regulators’ assurances that they will do what they can to prevent contagion. Let's talk about confidence and

HSBC Holdings has bought Silicon Valley Bank UK for just over a dollar. HSBC said in a press release that SVB UK had about $6.7 billion of loans and $8.1 billion of deposits on March 10. The company said that the final calculation of the gain arising from the acquisition “will be provided in due course.” “This acquisition makes excellent strategic sense for our business in the UK,” Noel Quinn,

First Republic Bank in San Francisco said it has improved it financial position with help from the Federal Reserve and JPMorgan Chase. The bank said in a press release that it had received additional borrowing capacity from the Fed and added financing from JPMorgan Chase. In addition to continued access to funding through the Federal Home Loan Bank, the bank said it has more than $70 billion of total available,

Regulators shut down Signature Bank in New York while vowing to make all depositors of the New York bank and Silicon Valley Bank in California whole. The $110 billion-asset Signature, which had close ties to the crypto industry, was closed due to “systemic risk,” the Federal Reserve, Federal Deposit Insurance Corp., and Treasury Department said in a press release. The FDIC created Signature Bridge Bank to operate as it seeks

LendingClub in San Francisco is among the companies that have disclosed having deposit accounts at Silicon Valley Bank at the time it was taken over by regulators. The $8 billion-asset LendingClub disclosed in a regulatory filing that its relationship with SVB on Friday was limited to $21 million of funds on deposit. LendingClub said the amount “is not material to the company’s liquidity position or capital levels and does not

Regulators have taken over Silicon Valley Bank in Santa Clara, Calif., marking the second-largest bank failure behind Washington Mutual in 2008. The $209 billion-asset bank was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corp. as receiver. SVB, the bank’s parent company, had attempted to raise capital after selling $21 billion of underwater securities at a $1.8 billion loss. The securities sales

Republic First Bancorp in Philadelphia plans to raise $125 million in capital. The $5.6 billion-asset company said in a press release that Castle Creek Capital committed about $60.7 million, while an affiliate of Cohen Private Ventures pledged $30 million. The investors are buying common stock, non-voting common stock, warrants and convertible preferred stock. Castle Creek, in its role as anchor investor, will receive an additional warrant for 1.3 million shares