Reports of SVB’s Death Are Greatly Exaggerated
Bay Area Council Economic Institute Senior Director Sean Randolph recently attended a conference at the office of Bay Area Council member Silicon Valley Bank (SVB), you know, the financial services institution whose dramatic demise was splashed across the media this past spring. Well, Randolph was pleased to learn the reports are just a bit premature, and in a commentary he penned for the Silicon Valley Business Journal, he describes some of the exciting things happening at SVB since First Citizens Bank purchased the company. Here’s an excerpt to kick things off:
Having read about the demise of Silicon Valley Bank last Spring, most people if asked would say the bank is dead and gone: a sad end to a storied institution felled by investment blunders and fintech-enabled depositor flight.
Some saw its fall as yet another blow to the region’s tech sector, as startups and their investors asked who could replace SVB services that were uniquely tailored to serve the Bay Area’s tech sector and its global partners. First Citizens Bank, a regional bank out of North Carolina, bought SVBs assets and there the story ends. Right?
Not so fast. It turns out that SVB is very much alive and open for business. I recently attended a conference at its Santa Clara office hosted by the same bank executives I’ve worked with for years. The sign on the building says SVB and so do employees’ web accounts. So what’s going on?
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