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A security guard at Silicon Valley Bank monitors a line of people outside the office on March 13, 2023 in Santa Clara, California.
A security guard at Silicon Valley Bank monitors a line of people outside the office on March 13, 2023 in Santa Clara, California.

Justin Sullivan/Getty Images

  • SVB Financial filed for Chapter 11 bankruptcy protection on Friday.
  • It came a week after regulators shut down Silicon Valley Bank.
  • The bank remains under FDIC control, while SVB will seek new owners for its other units.

SVB Financial Group filed for Chapter 11 bankruptcy protection on Friday, seeking a court-supervised reorganization to help find buyers for its assets.

It comes a week after Silicon Valley Bank, once SVB's main business, was shut down by regulators and placed under the FDIC's control.

Tags
Markets, MI Exclusive, Silicon Valley Bank, SVB, Bankruptcy, Bank Run
Source
SVB Financial files for bankruptcy, a week after Silicon Valley Bank's closure …