1983
Silicon Valley Bank founded
Silicon Valley Bank, a California state chartered bank and member of the Federal Reserve System, was founded in 1983, according to its parent's annual report.
Company
How Silicon Valley Bank unfolded
Silicon Valley Bank, founded in 1983 and owned by SVB Financial Group, grew to about $212 billion in assets before it was closed on March 10, 2023, in what a federal judge later called the third largest bank failure in US history. Regulators used a systemic risk exception to protect all depositors and sold most of the bank to First Citizens. The parent went through Chapter 11, and litigation between the FDIC, former executives and directors, and the parent's successor trust continued into 2026.
1983 to today · 22 dated events · 24 sources
Where it stands now · as of 31 October 2026
The bank is in FDIC receivership after its deposits and loans went to First Citizens in 2023, and SVB Financial Group's plan took effect in November 2024. The FDIC's suit against former officers and directors is pending before Judge Noël Wise in San Jose. Judgment was entered for the FDIC on the trust's $1.71 billion claim on August 28, 2026, and a notice of appeal to the Ninth Circuit was filed on October 23, 2026.
total assets at end of 2022$211.8bnconsolidated
FDIC estimated cost to the Deposit Insurance Fund$20bnMarch 2023 estimate
discount on $72bn of assets sold to First Citizens$16.5bn
unaddressed supervisory warnings at failure31per Federal Reserve review
Overview · 1983 to 23 Oct 2026 · click a dot to jump
1983
· · · 188 months later
1999
Mar 1999
SVB Financial Group incorporated
The holding company, SVB Financial Group, was incorporated in Delaware in March 1999.
· · · 288 months later
2023
24 Feb 2023
Annual report shows $211.8 billion in assets
SVB Financial reported total assets of $211.8 billion, deposits of $173.1 billion and investment securities of $120.1 billion at December 31, 2022.
8 Mar 2023
Securities sold at a loss and capital raise announced
SVB said it had sold about $21 billion of available for sale securities, producing an after tax loss of about $1.8 billion, and announced proposed share offerings. A later filing put the portfolio's book value at about $23.97 billion.
10 Mar 2023
Turning point
Bank closed and FDIC appointed receiver
The California Department of Financial Protection and Innovation closed Silicon Valley Bank and appointed the FDIC as receiver. The FDIC moved insured deposits to a new Deposit Insurance National Bank of Santa Clara. The parent company said it had terminated its planned offerings.
12 Mar 2023
Turning point
Systemic risk exception to protect all depositors
Treasury Secretary Janet Yellen approved actions, on the recommendation of the FDIC and Fed boards and after consulting the President, enabling the FDIC to protect all Silicon Valley Bank depositors. Losses to the Deposit Insurance Fund would be recovered by a special assessment on banks.
“No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”Joint statement by Yellen, Powell and Gruenberg, Board of Governors of the Federal Reserve System
13 Mar 2023
Bridge bank opens with all deposits
The FDIC transferred all deposits, insured and uninsured, and substantially all assets to Silicon Valley Bridge Bank, N.A. It said shareholders and certain unsecured debt holders would not be protected and senior management had been removed.
13 Mar 2023
Parent appoints chief restructuring officer
SVB Financial Group engaged Alvarez and Marsal and its board's restructuring committee appointed William Kosturos as chief restructuring officer.
17 Mar 2023
Turning point
Parent files for Chapter 11
SVB Financial Group filed a voluntary Chapter 11 petition in the US Bankruptcy Court for the Southern District of New York, case number 23-10367.
26 Mar 2023
Turning point
First Citizens buys deposits and loans
First Citizens Bank and Trust Company agreed to assume the bridge bank's deposits and buy about $72 billion of its assets at a $16.5 billion discount, with FDIC loss sharing on commercial loans. The FDIC estimated the failure's cost to the Deposit Insurance Fund at about $20 billion.
28 Apr 2023
Federal Reserve review of its supervision
A review led by Vice Chair for Supervision Michael Barr found that the bank's board and management failed to manage risks, and that Fed supervisors did not fully appreciate its vulnerabilities or act quickly enough. The bank had 31 unaddressed safety and soundness warnings when it failed.
“Silicon Valley Bank's board of directors and management failed to manage their risks”Federal Reserve Board review, Board of Governors of the Federal Reserve System
17 Jun 2023
SVB Securities sale agreed
The parent agreed to sell its SVB Securities investment bank to a management led group backed by funds managed by The Baupost Group, subject to court approval.
2024
9 Jan 2024
Restructuring support agreement with creditors
The parent signed a restructuring support agreement with a group of senior noteholders and the official creditors' committee, providing for a liquidating trust and a new holding company.
5 Mar 2024
Parent sues FDIC to recover funds
SVB Financial Group sued the FDIC as receiver in federal court in California, alleging it unlawfully blocked the parent's access to its deposits after the bank closed, according to the court's later findings. SVB Financial Trust replaced the parent as plaintiff in February 2025.
2 May 2024
SVB Capital sale agreed
The parent agreed to sell its SVB Capital investment platform to an entity affiliated with Pinegrove Capital Partners, backed by Brookfield Asset Management and Sequoia Heritage.
2 Aug 2024
Chapter 11 plan confirmed
The bankruptcy court entered an order confirming SVB Financial Group's plan of reorganization.
7 Nov 2024
Turning point
Plan takes effect and old shares cancelled
The plan became effective. Assets went to a liquidating trust, existing equity interests were cancelled, all directors and officers were removed, and the reorganized company became a subsidiary of MNSN Holdings Inc., a new parent formed for creditors.
2025
16 Jan 2025
FDIC sues former officers and directors
The FDIC as receiver sued former chief executive Gregory Becker, former chief financial officer Daniel Beck and other former officers and directors in federal court in California, alleging mismanagement and negligence.
29 May 2025
Trust's claim against the FDIC narrowed to $1.71 billion
The FDIC and the trust agreed to dismiss all of the trust's claims except breach of contract, for which the FDIC's liability was fixed at $1.71 billion subject to any setoffs from the FDIC's defenses, the court later recorded.
23 Oct 2025
Suit against former executives and directors allowed to proceed
US District Judge Noël Wise denied the former officers' and directors' motions to dismiss the FDIC's suit, according to a later joint filing by the parties. Bloomberg Law reported she found the FDIC had sufficiently alleged they failed to manage interest rate and other risks.
2026
28 Aug 2026
FDIC prevails against SVB Financial Trust
After a 12 day bench trial, US District Judge Beth Labson Freeman entered judgment for the FDIC. She found that bank officers breached fiduciary duties to the bank, that the holding company was liable for that conduct and that a $294 million dividend was a voidable transfer, so the damages fully offset the trust's $1.71 billion claim. She rejected the FDIC's unclean hands defense.
23 Oct 2026
Notice of appeal filed to the Ninth Circuit
A notice of appeal to the Ninth Circuit was filed in the trust's case against the FDIC on October 23, 2026, according to the docket.
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Sources
24 records, ranked by type- 1Subject's own statement24 Feb 2023SVB Financial Group annual report on Form 10-K for 2022SVB Financial Group via SEC EDGAR · sec.gov
- 2Subject's own statement8 Mar 2023SVB Financial Group Form 8-K, Exhibit 99.1, strategic actions and proposed offeringsSVB Financial Group via SEC EDGAR · sec.gov
- 3Subject's own statement14 Mar 2023SVB Financial Group Form 8-K, completion of securities saleSVB Financial Group via SEC EDGAR · sec.gov
- 4Subject's own statement10 Mar 2023SVB Financial Group Form 8-K, bank closed and FDIC appointed receiverSVB Financial Group via SEC EDGAR · sec.gov
- 5Official record10 Mar 2023FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank (PR-16-2023)Federal Deposit Insurance Corporation · fdic.gov
- 6Official record12 Mar 2023Joint Statement by the Department of the Treasury, Federal Reserve, and FDICBoard of Governors of the Federal Reserve System · federalreserve.gov
- 7Official record13 Mar 2023FDIC Acts to Protect All Depositors of the former Silicon Valley Bank (PR-19-2023)Federal Deposit Insurance Corporation · fdic.gov
- 8Subject's own statement13 Mar 2023SVB Financial Group Form 8-K, chief restructuring officerSVB Financial Group via SEC EDGAR · sec.gov
- 9Subject's own statement17 Mar 2023SVB Financial Group Form 8-K, Chapter 11 filingSVB Financial Group via SEC EDGAR · sec.gov
- 10Official record26 Mar 2023First Citizens Bank and Trust Company to Assume All Deposits and Loans of Silicon Valley Bridge Bank (PR-23-2023)Federal Deposit Insurance Corporation · fdic.gov
- 11Government document28 Apr 2023Federal Reserve Board announces the results from the review of the supervision and regulation of Silicon Valley BankBoard of Governors of the Federal Reserve System · federalreserve.gov
- 12Subject's own statement21 Jun 2023SVB Financial Group Form 8-K, sale agreement for SVB SecuritiesSVB Financial Group via SEC EDGAR · sec.gov
- 13Subject's own statement10 Jan 2024SVB Financial Group Form 8-K, restructuring support agreementSVB Financial Group via SEC EDGAR · sec.gov
- 14Subject's own statement7 May 2024SVB Financial Group Form 8-K, sale agreement for SVB CapitalSVB Financial Group via SEC EDGAR · sec.gov
- 15Subject's own statement23 Aug 2024SVB Financial Group Form 8-K, confirmation of Chapter 11 planSVB Financial Group via SEC EDGAR · sec.gov
- 16Subject's own statement8 Nov 2024SVB Financial Group Form 8-K, plan effective dateSVB Financial Group via SEC EDGAR · sec.gov
- 17Official record30 Oct 2026Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bank v. Becker, 5:25-cv-00569 (N.D. Cal.), docketCourtListener (RECAP copy of PACER docket) · courtlistener.com
- 18Official record29 Oct 2026SVB Financial Trust v. Federal Deposit Insurance Corporation, 5:24-cv-01321 (N.D. Cal.), docketCourtListener (RECAP copy of PACER docket) · courtlistener.com
- 19News report24 Oct 2025Ex-SVB Executives Must Face FDIC Lawsuit Over Bank's FailureBloomberg Law · news.bgov.com
- 20News reportAug 2026FDIC Beats SVB Financial Trust in Feud Over $1.7 Billion ClaimBloomberg Law · news.bgov.com
- 21Official recordSilicon Valley Bank, Santa Clara, CA (failed bank information)Federal Deposit Insurance Corporation · fdic.gov
- 22Subject's own statement24 Jul 2026Joint Case Management Statement, FDIC as Receiver for Silicon Valley Bank v. Becker, 5:25-cv-00569, Dkt. 184Parties' joint filing in US District Court, N.D. Cal. (via CourtListener) · storage.courtlistener.com
- 23Official record28 Aug 2026SVB Financial Trust v. FDIC, 5:24-cv-01321, Findings of Fact and Conclusions of Law, Dkt. 417US District Court, N.D. Cal. (via CourtListener) · storage.courtlistener.com
- 24Official record28 Aug 2026SVB Financial Trust v. FDIC, 5:24-cv-01321, Judgment, Dkt. 418US District Court, N.D. Cal. (via CourtListener) · storage.courtlistener.com
Last updated 31 October 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.