Silicon Valley Bank’s parent company files for bankruptcy

SVB Financial Group files for chapter 11 protection but failed Silicon Valley Bank, now under FDIC control, is not part of it

Silicon Valley Bank’s parent company filed for bankruptcy protection on Friday, a week after the tech lender was taken over by federal regulators following a 36-hour surge of depositor withdrawals that triggered the worst bank collapse since the financial crisis.

SVB Financial Group filed for chapter 11 protection on Friday in New York bankruptcy court where administrators will set about selling off assets to meet creditors claims.