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Silicon Valley Bank
Headquarters in Santa Clara
IndustryFinancial services
Founded1983; 42 years ago (1983)
Founders
  • Bill Biggerstaff
  • Robert Medearis
DefunctMarch 10, 2023 (2023-03-10)
FateFailed after a bank run on its deposits and taken into receivership by the Federal Deposit Insurance Corporation
HeadquartersSanta Clara, California, U.S.
Key people
RevenueIncrease US$7.40 billion (2022)
Net incomeDecrease US$1.51 billion (2022)
Total assetsIncrease US$211.8 billion (2022)
Total equityDecrease US$16.0 billion (2022)
Number of employees8,553 (December 2022)
ParentSVB Financial Group Edit this on Wikidata
Capital ratioTier 1 15.26% (2022)
Websitesvb.com
Footnotes / references
Silicon Valley Bank in Tempe, Arizona

Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. SVB was the 16th largest bank in the United States at the time of its failure in 2023 and was the largest bank by deposits in Silicon Valley. It was a subsidiary of SVB Financial Group (formerly Silicon Valley Bancshares), a bank holding company.

The bank's customers were primarily in the technology, life science/healthcare, private equity/venture capital and premium wine industries. As of December 31, 2022, 56% of its loan portfolio were loans to venture capital firms and private equity firms, secured by their limited partner commitments and used to make investments in private companies, 14% of its loans were mortgages to high-net-worth individuals, and 24% of its loans were to technology and health care companies, including 9% of all loans which were to early and growth-stage startup companies.

Via its SVB Capital division, it managed $9.5 billion in funds of both clients and the bank that was invested in venture capital funds. SVB Securities provided investment banking services to companies in the technology and healthcare industries.

On March 10, 2023, after a bank run on its deposits, it failed and was taken into receivership by the Federal Deposit Insurance Corporation (FDIC) in the second-largest bank failure in U.S. history. Its insured deposits were moved to a new entity created by the FDIC, called Deposit Insurance National Bank of Santa Clara to protect depositors.

The bank operated from offices in the United States, India, the United Kingdom, Israel, Canada, China, Germany, Hong Kong, Ireland, Denmark, and Sweden.

History

Initial years (1983–1994)

Silicon Valley Bank (SVB) was founded as Silicon Valley Bancshares in 1983 by Bill Biggerstaff and Robert Medearis over a poker game. Its first office opened in 1983 on North First Street in San Jose.

The bank’s main strategy was collecting deposits from businesses financed through venture capital. It then expanded into banking and financing venture capitalists themselves, and added services to allow the bank to keep clients as they matured from their startup phase.

SVB merged with National InterCity Bancorp in 1986 and opened an office in Santa Clara. In 1988, the bank holding company became a public company via an initial public offering, raising $6 million. It opened its first office on the east coast in 1990, near Boston, to serve the Massachusetts Route 128 tech corridor.

During its early years the bank did a substantial real estate loan business, making up 50% of its portfolio in the early 1990s. A slump in the California real estate market resulted in a $2.2 million loss for the bank in 1992, and by 1995 the portfolio percentage had fallen to 10% under CEO John C. Dean, with founding CEO Roger V. Smith becoming Vice Chairman. The bank added a winery lending business in 1994.

Expansion (1995–2022)

The bank benefited from the wave of computer technology startups during the dot-com bubble, lending to venture-stage companies that were not yet profitable. Among its thousands of tech-sector clients in 1995 were networking innovators Cisco Systems and Bay Networks. That year, the bank moved its headquarters from San Jose to Santa Clara. As a result the holding company's stock price soared through the bubble but fell 50% when the bubble burst. The company reincorporated in Delaware in 1999.

The company's investment banking arm, SVB Securities, expanded its business with the 2001 acquisition of Palo Alto Alliant Partners for $100 million. In 2002 it formally entered the private banking business, building on prior experience and relationships with wealthy venture capitalists and entrepreneurs.

In 2004, the bank opened international subsidiaries in Bangalore, India, and London. In 2005, it opened offices in Beijing and Israel. In 2006, the bank began operations in the United Kingdom; it opened its first branch there in 2012.

In December 2008, during the financial crisis of 2007–2008, SVB Financial received a $235 million investment from the U.S. Treasury through the Troubled Asset Relief Program. The U.S. Treasury received $10 million in dividends from Silicon Valley Bank and, in December 2009, the bank repurchased the outstanding stock and warrants held by the government, funding this through a stock sale of $300 million.

In April 2011, Ken Wilcox, who had been CEO since 2000, left the CEO position, while remaining chairman of the board; he was replaced by Greg Becker as CEO. In 2011, the bank expanded to China.

In November 2012, the bank announced a 50–50 joint venture with Shanghai Pudong Development Bank (SPDB) to provide capital to start-up technology entrepreneurs in China. In July 2015, the joint venture was approved by the China Bank Regulatory Commission (CBRC) to operate in renminbi (RMB), the official currency of the People’s Republic of China. According to the bank, in 2015, it was providing banking and financial services to 65% of all startups.

In March 2017, Michael R. Descheneaux was named president of the company.

In January 2019, the company acquired Leerink Partners LLC, now SVB Securities.

In July 2021, the bank acquired Boston Private Financial Holdings, the parent company of Boston Private Bank & Trust Company, a wealth management firm.

Collapse

Main article: Collapse of Silicon Valley Bank

Instability

A 2021 Federal Reserve review of the bank found several deficiencies in its risk management procedures. The bank failed to fix six citations issued by the Fed and was placed under a full supervisory review in July 2022. In the autumn, San Francisco Fed officials met with SVB senior leaders to discuss the bank's ability to raise cash in a crisis and possible exposure to losses as interest rates rose. Fed officials determined the bank was using flawed models that led SVB officers to incorrectly believe rising interest rates would increase the bank's interest revenue to substantially stabilize its financial condition. By early 2023, the Fed placed SVB in a "horizontal review" of its risk management procedures.

In the week before the collapse, Moody's Investors Service reportedly informed SVB Financial, the bank's holding company, that it was facing a potential double-downgrade of its credit rating because of its unrealized losses. On March 8, 2023, SVB announced it had sold over $21 billion worth of its investments, borrowed $15 billion, and would hold an emergency sale of its stock to raise $2.25 billion, including $500 million to General Atlantic. JPMorgan Chase and Bank of America turned down opportunities to acquire the bank. Despite the steps taken by the bank, Moody's downgraded SVB on March 8.

Investors at several venture capital firms, including executives at Peter Thiel's Founders Fund, Union Square Ventures and Coatue Management urged their portfolio companies to withdraw their deposits from the bank, with Founders Fund withdrawing all of its funds from the bank by the morning of March 9. By the close of business that day, customers had withdrawn $42 billion, leaving the bank with a negative cash balance of about $958 million. Among the financial services companies receiving money from SVB customers were Brex, JPMorgan Chase, Morgan Stanley and First Republic Bank. The value of SVB's shares plummeted until a trading halt was implemented on the morning of March 10.

On February 27, SVB Financial Group CEO Greg Becker sold 12,451 shares of company stock, worth $3.6 million, through an executive trading plan that he filed with the SEC under Rule 10b5-1 on January 26. The rule has been criticized as a loophole allowing for insider trading. Beginning April 1, the SEC will require a minimum 90-day cooling period for most executive trading plans.

Receivership

The logo of the Deposit Insurance National Bank of Santa Clara. Two horizontal lines are on the top and bottom of the logo. The letters 'DINB' are large, and 'of Santa Clara' are below it in a smaller font.
The FDIC temporarily created the Deposit Insurance National Bank of Santa Clara (DINB) to distribute insured deposits before replacing it with a bridge bank.

On the morning of March 10, examiners from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) arrived at the offices of SVB to assess the company's finances. Several hours later, the California Department of Financial Protection and Innovation seized SVB citing inadequate liquidity and insolvency, and placed it into the receivership of the FDIC. The failure of SVB was the largest by assets of any bank since the financial crisis of 2007–2008 and the second-largest failure of an FDIC-insured bank.

According to regulatory reports as of December 31, 2022, uninsured deposits were estimated to represent 89 percent of total deposits at the bank. With no other bank immediately offering to assume or guarantee them, the FDIC organized a Deposit Insurance National Bank of Santa Clara (DINB) to re-open the bank's branches the following Monday and enable access to insured deposits only. It announced that it would begin paying dividends for uninsured funds within the following week as SVB's assets were liquidated. Moody's Investor Service projected a recovery rate for uninsured depositors of 80–90 percent. The FDIC notified Silicon Valley Bank employees that they would be let go in 45 days' time; in the meantime, it offered salaried employees a 50% raise and hourly employees double pay for any overtime. The Federal Reserve Bank of San Francisco stated that the bank's CEO Greg Becker was no longer on its board of directors.

The simultaneous failures of SVB and New York's Signature Bank raised concern about the condition of other regional banks, with particular attention to First Republic Bank and Western Alliance. Faced with the possibility of a broader loss of confidence, on March 12 the Treasury granted the FDIC an exception allowing it to guarantee the uninsured deposits of both failed banks and to cover the expense through special assessments on other member banks. On March 13 the FDIC transferred SVB assets to a new bridge bank, Silicon Valley Bridge Bank, N.A., and appointed Tim Mayopoulos as CEO. The bridge bank consolidated insured and uninsured deposits into a single institution, making it more attractive to prospective buyers. There is a dispute about whether the U.S. government's guarantee to insure depositors in full, rather than just the $250,000 per account protected by law, qualifies as a bailout. President Joe Biden denied the term bailout applies in this particular case. Treasury Secretary Janet Yellen had already ruled out bailing out SVB.

Silicon Valley Bank's overseas subsidiaries held $13.9 billion in deposits. The Bank of England issued a statement that it sought a court order to place the United Kingdom subsidiary of the bank into a Bank Insolvency Procedure. Shanghai Pudong Development Bank issued a statement that its joint operations with SVB, chaired by its own Shanghai-based chairman, were not affected by the collapse as of March 11. Canadian regulator Office of the Superintendent of Financial Institutions (OSFI) temporarily seized control of SVB Canada on March 12. On March 15, OSFI took permanent control of the bank and announced it would restructure SVB Canada to a new bridge bank to be created by the FDIC, after the regulator was unable to find a buyer.

An initial auction of Silicon Valley Bank assets on March 12 attracted a single bid that was not from a bank, after PNC Financial Services and RBC Bank backed away from making offers. Bank of America, JPMorgan Chase, and Goldman Sachs all declined to make offers. The FDIC canceled the auction, scheduling a second to attract bids from major banks, after the systemic risk exception was granted. Mayopoulos urged venture capitalists and startups to keep their deposits in the bridge bank, apparently to improve its financial condition, and suggested that customers return some of the deposits they had recently pulled out of the bank as part of a diversification strategy. A group of venture capitalists called for depositors to keep at least half of their capital in the bank.

The seizure of Silicon Valley Bank's assets severely disrupted SVB Financial Group's operations. The holding company was locked out of its Santa Clara headquarters, which were shared with the bank, forcing it to move its headquarters to its New York City offices. The holding company, bridge bank, and FDIC are discussing how to reorganize payroll systems. All of SVB Financial Group's employees have been on the payroll of Silicon Valley Bank, not SVB Financial Group, while the parent company has been providing employee benefits to all Silicon Valley Bank employees. Some employees had split their time between the two companies.

SVB Financial Group began exploring a potential sale of the bank's sister companies SVB Capital and SVB Securities. The latter's founder, Jeffrey Leerink, has expressed interest in buying back the firm. However, the finances of these companies are deeply intertwined with Silicon Valley Bank, which could complicate any sale. The company filed Chapter 11 bankruptcy one week after the bank's failure. A group including Centerbridge Partners, Davidson Kempner Capital Management, and PIMCO reportedly bought a stake in the company in anticipation of the bankruptcy.

According to FDIC chairman Martin J. Gruenberg, the estimated cost to the Deposit Insurance Fund to cover the bank's collapse was $20 billion – including $18 billion to cover uninsured deposits.

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  89. Pietsch, Bryan (March 27, 2023). "First Citizens Bank to buy Silicon Valley Bank after collapse, FDIC says". The Washington Post. Retrieved March 28, 2023.

External links

    • Historical business data for Silicon Valley Bank:
    • SEC filings
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