Silicon Valley Bank is open for business and fully committed to the innovation economy, as we have been for the past 40 years. The bank was previously the primary subsidiary of SVB Financial Group , a publicly traded bank holding company that had offices in 15 U. ”. People wait for service outside Silicon Valley Bank in Menlo Park, Calif. 44% of US venture capital-backed companies with an IPO in 2022 and more than 780+ technology and healthcare companies valued over $1B trust SVB as their long-term financial partner. “But the bank did not fix its vulnerabilities,” Smialek writes. You need to enable JavaScript to run this app. Tom Smith Head of Underwriting and Project Finance, Silicon Valley Bank. S. , on Monday. Report. In early March, Silicon Valley Bank and Signature Bank, two of America’s mid-sized banks, collapsed — some of the biggest failures of financial institutions since the Great Recession. When Kleiner. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed,” he said in a statement. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed,” he said in a statement. While banking. Federal Deposit Insurance Corporation. Why it matters: The extraordinary actions, using tools last deployed in the early days of the pandemic and in. On March 13, 2023, the UK Treasury and the Bank of England “facilitated the sale″ of Silicon Valley Bank UK to HSBC for the price of £1 ($1. Why did SVB collapse? On March 8, SVB disclosed that it sold $21 billion in assets and needed to raise money. It was forced to sell a bond portfolio at a $1. Silicon Valley Bank provides banking and financial services, along with industry insights to Vineyards and Wineries. Silicon Valley Bank, which catered to the tech industry for three decades, collapsed on March 10, 2023, after the Santa Clara, California-based lender suffered from an old-fashioned bank run. The collapse of Silicon Valley Bank, located in Santa Clara, Calif. Mar 15, 2023, 4:00 PM PDT. For your day-to-day banking, use SVB Go to easily manage your finances, so you can focus on your business. First Citizens is buying the $72 billion in SVB loans for about $55 billion, a 29% discount, the FDIC said. 3. The Securities and Exchange Commission and the Justice Department are both in the. bank with $210 billion in assets, was seized by California regulators on Friday after depositors rushed to withdraw funds over concerns the bank. 2012. We help clients globally by providing them advice, connections, and banking and debt financing solutions for VC firms, funds, and. The U. March 14, 2023. The bank served mostly technology workers and venture capital-backed companies, including some of the industry’s best-known brands. Explore different ways to help support, build and grow your startup. As of March 31, 2021, Silicon Valley. Opened joint venture bank. At the end of December, Silicon Valley Bank held around $209 billion in total assets. Banking involves complicated concepts likes balance sheets and liquidity ratios, but the Silicon Valley Bank collapse isn't difficult to understand, Sen. S. Prior to being shut down by regulators. Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, is a member of the FDIC and the Federal Reserve. Founded in 1983, the. March 17, 2023 at 6:18 a. While Silicon Valley Bank used to primarily lend out money on shorter-term durations, in 2021 the bank shifted to longer-term securities in search of more yield; this, in retrospect, was the critical mistake — and to be clear, Silicon Valley Bank’s management bears ultimate culpability for the bank’s fate. S. Help make your money last longer with our Startup Money Market Account. S. Permission was received by the individual making the statement. Sherrod Brown, D-Ohio said Tuesday as he. Silicon Valley Bank collapse explained. S. 75%. Silicon Valley Bank offers flexible lending, a powerful digital platform and faster payment processing for startups, venture-backed companies, corporate banking and investors. Illustration by Hugo Herrera / The Verge. US Agencies released multiple statements, including a joint statement that sets out recommendations for FDIC to complete the resolution of Silicon Valley Bank and Signature Bank; these US Agencies are the Board of Governors of the Federal Reserve System (FED), the. Silicon Valley Bank’s collapse will not be a one-off – a banking crisis was long overdue. We recognize the past few days have been an extremely challenging time, and we are grateful for your patience. 1. The 2008 crash. [1] [2] It was one of three bank failures, along with Silvergate Bank and. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U. (AP Photo/Peter Morgan) Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation on Friday, March 10, 2023, and the FDIC was appointed receiver. 2. Federal Deposit Insurance Corporation. Many venture capitalists likened the collapse to a. As Silicon Valley Bank was shuttered by the FDIC on Friday, investors and companies with money locked up expressed dismay at how it went down. Wires - incoming and outgoing (USD domestic and. Update (3/13, 5:37 PM ET): In response to the collapse, the FDIC created a new entity, making depositors and borrowers customers of Silicon Valley Bank, N. Success at SVB means bringing our values to life – from crafting creative solutions for clients to working collaboratively with colleagues to volunteering in the communities where we work and live. Prior to being shut down by regulators. 19 Mar 2023. To some extent, the bank, which had 40 branches, was a victim of the panic surrounding Silicon Valley Bank. The bank was also overly concentrated in one. Pejman Nozad, Founding Managing Partner. The FDIC sent Friday to announce that SVB has been closed by regulators, which are now in charge of the bank’s deposits. history. SVB said earlier this week, that in order to. See full list on cnn. Quicker capital deployment, abundant investment opportunities and demand for private market assets are among the factors driving 81% of respondents from our survey back into the market this year. It was a tiny portion; it is about 2 percent of the U. 1% and Lloyds Banking Group gaining 2. Our commitment is exceptional service, valuable advice and a full spectrum of financial services. 3. Silicon Valley is a California state-chartered commercial bank and is the sole banking subsidiary of SVB Financial Group. When Silicon Valley Bank collapsed on March 10, Garry Tan, president and CEO of. As one of the largest and most successful banks in the world, SVB has played a vital role in providing financial services to many of the most innovative and high-growth companies in the. Silicon Valley Bank is one of the top 20 largest banks in the United States, providing banking services to crypto-friendly venture companies such as Sequoia Capital and Andreessen Horowitz. The transfer of all the deposits was completed under the systemic risk exception approved yesterday. SVB Startup Banking is designed for founders. Former Silicon Valley Bank CEO Greg Becker and two former executives from Signature Bank were grilled by a Senate committee Tuesday and skewered for the failures of the financial institutions they led. In the wake of Silicon Valley Bank’s collapse, which set off panic in the financial sector and concern across the global economy, a crucial question. form. Get Driving Directions. SVB Private released a holiday gift guide promoting clients' wares, from fine wine to Oura Rings. history. 480. The crisis at Silicon Valley Bank was precipitated by a combination of incompetent management, lax regulation, and some powerful people in tech crying fire in a crowded theatre. 75 billion to strengthen its capital position. Silicon Valley Bank failed in rapid, stunning fashion Friday. S. It in two days, marking the largest bank failure since the 2008. Sherrod Brown, D-Ohio said Tuesday as he. Silicon Valley is a California state-chartered commercial bank and is the sole banking subsidiary of SVB Financial Group. S, with $210 billion in assets. banking industry. This product “offers customers expanded FDIC insurance of up to $3 million via a new product in the wake of Silicon Valley Bank’s collapse. The group of depositors in Silicon Valley Bank is made up of a relatively small set of venture capital firms, startups and other large investors, many of whom held deposits that far exceeded $250,000. A pedestrian speaks on a mobile telephone as he walks past Silicon Valley Bank's headquarters in Santa Clara. The girls are fightinggggggg. D. Bank Shares Tumble in Wake of Failures. The conventional wisdom at the time. SVB's values guide our actions, from our approach to supporting small businesses to community engagement to our ESG reporting. Police officers leaving Silicon Valley Bank’s headquarters in Santa Clara, California on March 10, 2023. Silicon Valley Bank is now a division of First Citizens Bank. The abrupt implosion of Silicon Valley Bank (SVB) on Friday—the second-largest U. Silicon Valley Bridge Bank – Open for business. 15 Mar 2023. Startups move at breakneck speed and we understand time means money. K. I recognize the past few days have been an extremely challenging time for our. The uncommon lending practices behind Silicon Valley Bank’s woes. The bank collapsed last week, sending shock waves through the start-up community. Silicon Valley Bank headquarters in Santa Clara, California, on March 13, 2023. D. Many of its companies were tech startups, so there's a concentration of money from just one sector. Until the announcement, there was widespread fear among depositors of Silicon Valley Bank, since federal insurance covers accounts up to $250,000 and more than 90% of the bank's deposits were. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Jason Henry for The New York Times. Manage, transact and control — quickly and safely. S. Silicon Valley Bank’s chief executive, Greg Becker, was a strong supporter of the change, which reduced how frequently banks with assets between $100 billion and $250 billion had to submit to. Silicon Valley Bank, a division of First-Citizens Bank & Trust Company. As Silicon Valley Bank grew rapidly beginning in 2018, banking supervisors were slow to recognize problems that eventually contributed to the bank’s downfall, including an increasing amount of uninsured deposits and inadequate safeguards against a sudden change in interest rates. com otherwise please click below. The failure of Silicon Valley Bank was caused by a run on the bank. Treasury said they facilitated the sale of a Silicon Valley Bank subsidiary in London to HSBC, Europe’s biggest bank. Corporate Banking. Until the announcement, there was widespread fear among depositors of Silicon Valley Bank, since federal insurance covers accounts up to $250,000 and more than 90% of the bank's deposits were. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U. Like with a savings account, eligible clients earn up to 5. Silicon Valley Bank is no more. When Bryant University Professor of Finance Peter Nigro, Ph. Silicon Valley Bank's dramatic failure in early March was the product of mismanagement and supervisory missteps, compounded by a dose of social media frenzy, the Federal Reserve concluded in a. 7 billion pounds ($8. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. March 20, 2023. While that sent shares of Signature. Customers withdrew more than $42 billion from SVB on Thursday, and similar moves at other banks could strain those firms even if they have stronger balance sheets. The FDIC’s standard insurance covers up to. Silicon Valley Bank has been deeply interwoven to an unusual degree into the lives and businesses of tech investors, entrepreneurs and executives. history are: Washington Mutual, Seattle, Washington: in 2008, with nominal assets at time of failure of $307 billion. Silicon Valley Bank until now had been a reliable source of funding for startups relative to other banks. What took place Friday was an old-fashioned. The productivity of Silicon Valley Bank’s workers can be shown by the fact that in 2014 for every employee the bank had it generated about $130,000 of net income (SVB Financial Group) compared. UBS agrees to takeover of stricken Credit Suisse for. The collapse of the Silicon Valley Bank (SVB) has had a significant impact not only on the United States but on businesses and countries around the world. By the close of business that day. Now, the bank’s collapse risks compounding the industry’s. Jason Henry for The New York Times. Employees stand outside of the shuttered Silicon Valley Bank headquarters in Santa Clara, California. “Silicon Valley Bank is a great example of an institution giving back before they get. “Five years ago, the. But many of Silicon Valley Bank’s customers did not. The Bank of England said Silicon Valley Bank UK would stop making payments or accepting deposits in the interim and the move would allow individual depositors to be paid up to £85,000 from the UK. People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. It managed the personal wealth of many tech executives and. SVB is the old Silicon Valley Bank, recently bought one of our favorite research firms Moffett Nathanson and it's become less dependent on private equity and venture capitalist offerings. Some of the major companies that had funds in SVB — and that have been affected by the bank’s collapse — include Vox. On the last night of its existence, Silicon Valley Bank was hosting VC Bill Reichert of Pegasus Tech Ventures, who was giving a presentation on. Silicon Valley Bank has been deeply interwoven to an unusual degree into the lives and businesses of tech investors, entrepreneurs and executives. seized the two financial institutions after a bank run on Silicon Valley Bank, based in Santa Clara, California. regulators took control of a second bank Sunday and announced. Silicon Valley Bank appeared stable this year, but on Thursday it announced plans to raise up to $1. 2. Stay focused with customizable alerts and always-available prompts to guide you through banking tasks. Following the collapse of Silicon Valley Bank last week, a lot of companies and entrepreneurs. On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC. It was the largest bank failure since Washington. SANTA CLARA, Calif. Silicon Valley Bank was not big enough by itself to set off contagion. Silicon Valley Bank went to just above $115 billion in assets at the end of 2020 from $71 billion at the end of 2019. Kenny Holston. The effects of its collapse, the biggest banking failure since the 2008 financial crisis, is. The loans increased as the bank began looking weaker, Bloomberg reports. (Reuters/Nathan. 27 SVBFG's principal subsidiary was Silicon Valley Bank (SVB), a. For more than a decade, Silicon Valley Bank has been co-title sponsor of Team TIBCO-Silicon Valley Bank, the longest running professional women’s cycling team in North America. The Bank of England said late Friday that it will put Silicon Valley Bank UK in its insolvency procedure, which will pay out eligible depositors up to 170,000 British pounds ($204,544) for joint. If you are already an SVB client, call us on 0800 023 1441 or +44 207 367 7881 from overseas or email ukproductqueries@svb. Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. C. C. 19 Mar 2023. Concern over wide-reaching problems in the banking sector started in earnest after the F. CEO Greg Becker offloaded over $3. “Five years ago, the. , Dec. Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). The stocks of regional banks fell following the collapse of Silicon Valley Bank and Signature Bank as regulators tried to contain the damage. What took place Friday was an old-fashioned. A run on Silicon Valley Bank in Santa Clara brought a quick end to the 40-year-old company, triggering fears of a contagion reminiscent of the 2008 great financial crash. Lawmakers on the Senate Banking Committee derided claims by the former chief executive of Silicon Valley Bank, Gregory Becker, that unforeseeable circumstances led to the bank’s failure. Fraudsters utilize methods like business email compromise (BEC) to carry out creative and sophisticated scams by infiltrating email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfer of funds. Silicon Valley Bank's fall shows how tech can push a financial panic into hyperdrive. Talk to our team of experts. We help clients globally by providing them advice, connections, and banking and debt financing solutions for VC firms, funds, and. , had a ripple effect in Spokane and the entire country because it was known as the go-to bank for venture capitalists who invest. Small banks are best served to rely on their unique traits. A. For more than 30 years, Boston Private has delivered comprehensive advice. Kang Wan Chern. To support their rapid growth, the two banks relied on uninsured deposits, which can be an unstable source of fundingThe collapse of Silicon Valley Bank (SVB) has renewed debate about deregulation of the financial industry in the United States, including the partial rollback of sweeping reforms introduced in the. Advocacy. The FDIC took over the lender — the 16th largest U. Silicon Valley Bank provides banking and financial services, along with industry insights to Vineyards and Wineries. The girls are fightinggggggg. 19 Mar 2023. AP. Began US Expansion to 15 states. The term “SVB Private” is the marketing brand name for the private banking, lending, brokerage and wealth management and investment advisory services offered by the following First-Citizens Bank & Trust Company divisions, subsidiaries, or affiliates: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, SVB Investment. When Silicon Valley Bank crashed earlier this month, a lot of people — investors, analysts, everyday observers — quickly pointed fingers at the bank’s risky and costly strategy. The bank's customers filled its coffers with deposits totaling well over $100 billion. SANTA CLARA, Calif. Assistant Business Editor. Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. 10% annual percentage yield on qualifying balances. Our private bank division caters to the unique needs of founders like you. PHOTO: AFP. 2011. Members of the Senate Banking Committee expressed concern about the state of the nation’s banks during a hearing Tuesday on the failures of Silicon Valley Bank and Signature Bank. Make global payments using your. , on March 10, 2023. Silicon Valley Bank failed because it had put a large share of customer deposits into long-dated Treasury bonds and mortgage bonds that promised modest, steady returns when interest rates were low. Silicon Valley Bank Financial Group on March 10 became the largest bank to fail since the 2008 financial crisis. Silicon Valley Bank was known for providing loans to tech startups. Santa Clara police officers exit Silicon Valley Bank in Santa Clara, California. K. 1 Events and LP introductions counts as of YE2022. 8 billion in previously unrealized losses. Contact us. On October 2, 2023, the SVB Louisiana Street corporate office merged with First Citizens Bank's 4265 San Felipe Street location. Silicon Valley Bank was hit hard by the downturn in technology stocks over the past year as well as the Federal Reserve’s aggressive plan to increase interest rates to combat inflation. SVB, as Silicon Valley Bank is known, had a massive share of its assets — 55 percent — invested in fixed-income securities, such as U. Accelerate your business with a $500 monthly credit that can be applied to your service fees. SVB offers career opportunities in major technology hubs in North America, Europe and. The U. On Friday, bank regulators closed Silicon Valley Bank, based in Santa Clara, California. This prompted them to sell $21 billion in bonds, cementing $1. The 5 most pressing questions answered about Silicon Valley Bank’s collapse. Anyone can access the discounts, a first for the private wealth arm of Silicon. And now as a division of First Citizens Bank, we have the strength and stability of a 125-year-old, well established financial organization, its balance sheet and highly diversified deposits behind us. regulators unveiled a plan to assure depositors at Silicon Valley Bank would get. “Silicon Valley Bank is a great example of an institution giving back before they get. Former Silicon Valley Bank CEO Greg Becker and two former executives from Signature Bank were grilled by a Senate committee Tuesday and skewered for the failures of the financial institutions they led. Its failure was the second largest in US history and the largest since the financial crisis of 2008. Updated Mar 13, 2023, 2:37 PM PDT. Read about the latest research and insights on the factors shaping the innovation economy including fundraising, investments, public markets, exits and venture capital trends. The team’s riders have included Olympic, World. Archer. At present, customers who are eligible for SVB Go are being notified by the bank to ensure a seamless transition to the. SVB has been working with companies of all life stages in Florida for more than 20 years from its. Silicon Valley Bank understands your unique personal needs as a founder in the innovation economy — because we bank the innovation economy. Learn how SVB can help your runways lead to liftoff with insights, solutions and resources for every stage of your business journey. Before collapsing, it used to provide services to nearly half of the venture-backed technology companies in the US. It is never too early to start thinking about wealth planning to help you during the lean times as well as when your business. UBS agrees to takeover of stricken Credit Suisse for $3. By. This week, the tech and banking sector are growing skittish about the next shoe to drop. Strategic venture fund banking solutions by one of most experienced and largest fund banking teams. "What made the Silicon Valley Bank run unique was (1) the ease with which its customers could execute withdrawals and (2) the speed with which news of Silicon Valley Bank's impending demise spread. Silicon Valley Bank was shuttered by US regulators on Friday after customers raced to withdraw $42bn — a quarter of its total deposits — in one day and a failed effort to raise new capital. But some. Silicon Valley Bank is now a division of First Citizens Bank. UK listed banks also rallied, with Barclays up 3. We really love what they're doing for the entire startup ecosystem. Jack Gaziano Head of Relationship Management, Corporate Banking. Silicon Valley Bank es el banco más grande en desplomarse en EE. Contact Us. Banking involves complicated concepts likes balance sheets and liquidity ratios, but the Silicon Valley Bank collapse isn't difficult to understand, Sen. 81% of PE & VC firms plan to fundraise in 2022. I. Accelerate your business with a $500 monthly credit that can be applied to your service fees. desde la crisis financiera de 2008 y su caída el viernes hizo temer por un momento un nuevo colapso en cadena como el que. Silicon Valley Bank is not responsible for (or a participant in) the sales of any wineries’ products in any fashion or manner and makes no representations that any promotion or sales of alcoholic beverages will or will not be. When Kleiner. It took more than a year, but it worked. , Friday. history, smaller only than the run on Washington Mutual during the 2008 financial crisis, when that bank had. 19 Mar 2023. SVB Startup Banking is designed for founders. Silicon Valley Bank’s collapse will not be a one-off – a banking crisis was long overdue. Listen. S. . Welcome to SVB Private login To log in to your SVB Private account, please enter your username and password. Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U. It highlights the bank's achievements in serving the innovation economy, its global presence and expansion, its financial results and outlook, and its commitment to diversity, equity. That growth catapulted it to a new level of oversight at the Fed by late 2021. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit. Treasury said they facilitated the sale of a Silicon Valley Bank subsidiary in London to HSBC, Europe’s biggest bank. March 19, 2023. In addition to its main office in Santa Clara, California, Silicon Valley operates 4 branch offices in Northern California and a non-branch loan production office in Newton, Massachusetts. 25bn. But they could actually be bullish developments for stock investors. SVB had become flush with cash during the pandemic, and much of those deposits were used to buy investments typically considered safe, like Treasury bonds. What is Silicon Valley Bank? Founded in 1983, the bank grew to become the 16th-largest in the U. Silicon Valley Bank failed last week after a bank run. A delivery person drops off pizzas at Silicon Valley Banks headquarters in Santa Clara, California on March 10, 2023. It was the largest failure of a US bank since Washington Mutual. S. Silicon Valley Bank, the nation’s 16th-largest bank, failed after depositors hurried to withdraw money this week amid anxiety over the bank’s health. Fall of SVM was felt globally as its collapse roiled global markets. You need to enable JavaScript to run this app. Following the collapse of Silicon Valley Bank last week, a lot of companies and entrepreneurs. SVB was founded in 1983 and is headquartered in Santa Clara, which sits right in the middle of Silicon Valley. Learn more . 557. , Dec. That is how Silicon Valley Bank (svb), the 16th-largest lender in America, with about $200bn in assets, went bust. The Silicon Valley Bank logo is seen through a rain-covered window in front of the SVB headquarters in Santa Clara, Calif. Of course, interest rate risk leading. This week, the tech and banking sector are growing skittish about the next shoe to drop. S, with $210 billion in assets. Following federal intervention on March 8, Silicon Valley Bank (SVB) was closed down by California’s financial regulator on March 10. The Bank of England and U. Today's transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association's assets at a discount of $16. The term “SVB Private” is the marketing brand name for the private banking, lending, brokerage and wealth management and investment advisory services offered by the following First-Citizens Bank & Trust Company divisions, subsidiaries, or affiliates: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, SVB Investment. That’s because the management’s capacity and the bank’s compliance systems seldom grow at pace with the rest of the business. Silicon Valley Bank, the 16th largest bank in the country, failed on Friday and was taken over by the FDIC, after a run on the bank Wednesday and customers withdrew $42 billion of deposits by the. A delivery person drops off pizzas at Silicon Valley Banks headquarters in Santa Clara, California on March 10, 2023. Silicon Valley Bank’s State of the Markets report on the innovation economy. A message to our clients from Silicon Valley Bridge Bank, N. A. Silicon Valley Bank said in a recent report that it would invest about $16. The Federal. Silicon Valley Bank’s collapse will not be a one-off – a banking crisis was long overdue. The banking sector's struggles mark the latest sign of fallout from the fall on Friday of Silicon Valley Bank, the 16th-largest bank in the U. On Sunday, March 12, 2023, the. On Friday, Silicon Valley Bank, a lender to some of the biggest names in the technology world, became the largest bank to fail since the 2008 financial crisis. It added that “two bank fraud charges” and “two false statement to a bank charges each. The results will be released publicly on May 1, the central bank said. Both phenomena are almost always worrying signs. All depositors of the institution will be made whole. S. People queue up outside the headquarters of the Silicon Valley Bank (SVB) in Santa Clara, California, on March 13. Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. March 13, 2023. Call Location. The bank started with a strategy of collecting deposits from venture capitalist. Today's transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association's assets at a discount of $16.