SVB Financial is officially bankrupt

(Boursier.com) — SVB-Financial, the parent company of Silicon Valley Bank, registered as expected under Chapter 11 protection of the American bankruptcy law, a week after the intervention of the US authorities and their emergency measures. Silicon Valley Bank is no longer part of the scope, its assets and liabilities having been transferred to a new entity last week following its takeover by the American authorities. The collapse of this California bank of startups and venture capital is the second largest bank failure in American history behind Washington Mutual.