Silicon Valley Bank (SVB), a Santa Clara, California-based commercial bank, has made headlines after failing on March 10, 2023, as a result of a run on its deposits. The bank was the largest by deposits in Silicon Valley and ranked as the 16th largest bank in the United States. Operating from offices in 13 countries and regions, SVB was a state-chartered bank that served as the primary business of its publicly-traded bank holding company parent, SVB Financial Group.
The bank’s regulator, the California Department of Financial Protection and Innovation (DFPI), seized the bank on March 10, 2023, after the run on its deposits. The Federal Deposit Insurance Corporation (FDIC) took control of the bank, and it was placed into receivership. This was the second-largest bank failure in the history of the United States.
Following the bank’s failure, Secretary of the Treasury Janet L. Yellen, Federal Reserve Chairman Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg issued a joint statement on March 12, 2023. The statement guaranteed full protection for all depositors at SVB, and depositors would have access to all their money, including both insured and uninsured deposits, from Monday, March 13. The newly-created successor, Silicon Valley Bridge Bank, N.A., a bridge bank, began operations on March 13, 2023. FDIC administers the new bank.
List of SVB Executive Team and Board of Directors
Following the collapse of Silicon Valley Bank, which was the largest bank collapse since the global financial crisis, SVB Financial Group has named five board members to a restructuring committee. The group consists of experts with experience across various fields such as banking, venture capital, regulation, and technology. The committee will assess “strategic alternatives” for the remaining assets of SVB Financial Group, including SVB Capital, the unit that invested in VC-backed companies, and SVB Securities, the investment banking arm.
New SVB Executive Team and Board of Directors:
- Mary J. Miller
- Garen K. Staglin
- Elizabeth “Busy” Burr
- Kate Mitchell
- Eric Benhamou
- Kay Matthews
- Thomas King
Old SVB Executive Team and Board of Directors:
- Helen Heslop
- Erin Platts
- Jim Watts
- Astrid Grey
- Vin Murria
- Patrick Flynn
The decisions made by the committee will have a significant impact on the future of SVB’s remaining assets, and this will have implications for the entire VC ecosystem.
Source: Mckpage.com
