SVB Financial Group (SIVB) stock is not currently trading. The Federal Deposit Insurance Corporation (FDIC) announced on Friday, March 10, 2023 that the California Department of Financial Protection and Innovation had closed the bank and named the FDIC as receiver. This comes after Silicon Valley Bank failed in its attempt to raise capital through a stock offering and then failed in a separate attempt to sell itself amid a rapid increase in customer withdrawals.
Is SVB Financial Group publicly traded?
No, SVB Financial Group (SIVB) stock is not currently trading. Shares of SVB Financial Group fell more than 60% on March 9, 2023, when the bank announced plans to raise more than $2 billion in funding. The bank planned to use these funds to strengthen its financial position following the sale of $21 billion in US Treasuries and mortgage-backed securities at a $1.8 billion loss. SVB sought to raise $1.75 billion through an offering of public stock and $500 million through a private placement with General Atlantic.
SIVB stock fell even lower after reports emerged that companies had begun pulling money out of the struggling bank. According to a California regulatory filing, customers withdrew $42 billion on March 9, leaving the bank with a negative cash balance of roughly $958 million at the close of business that day and incapable of paying its obligations.
Shares of SIVB never reopened for trading on Friday, March 10.
The Federal Deposit Insurance Corporation (FDIC) announced on Friday, March 10, 2023 that the California Department of Financial Protection and Innovation had closed the bank and named the FDIC as receiver. This comes after Silicon Valley Bank failed in its attempt to raise capital through a stock offering and then failed in a separate attempt to sell itself amid a rapid increase in customer withdrawals.
As of March 13, 2023 when the bank was delisted, SVB Financial Group's stock was worth $106.04.
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