Silicon Valley Bank Archives

First Citizens Bank Acquires Silicon Valley Bank in Whole Bank Purchase

First Citizens Bank entered into an agreement with the Federal Deposit Insurance Corporation to purchase out of FDIC receivership substantially all loans and certain other assets and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank.

March 27, 2023 First Citizens Bank | Frank B. Holding Jr. | Silicon Valley Bank Phil Neuffer

Wolters Kluwer Compliance Solutions Leader ‘Reassured’ by Federal Response to Bank Runs

According to Timothy Burniston, a regulatory compliance expert at Wolters Kluwer Compliance Solutions, markets should be reassured by the response of federal regulators to maintain stability in the U.S. banking system in the wake of the collapse of Silicon Valley Bank and Signature Bank.

Major US Banks Deposit $30B in First Republic in Wake of Silicon Valley Bank Collapse

Last week, 11 banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, combined to make $30 billion in uninsured deposits in First Republic Bank to display confidence in the U.S. banking system following the collapse of Silicon Valley Bank.

J.P. Morgan, Silicon Valley Bank and KeyBanc Provide $95MM Credit Facility to Socure

Socure, a provider of digital identity verification and fraud solutions, entered into a $95 million, three-year credit facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets.

Silicon Valley Bank Provides $5MM Revolving Credit Facility to Direct Digital Holdings

Direct Digital Holdings, an advertising and marketing technology platform, entered into the $5 million revolving credit facility with Silicon Valley Bank.

February 23, 2023 Dax Williamson | Direct Digital Holdings | Mark D. Walker | Silicon Valley Bank Ian Koplin

Silicon Valley Bank Increases Credit Facility for CareCloud to $25MM

Silicon Valley Bank has increased the secured line of credit for CareCloud, a provider of healthcare technology solutions for medical practices and health systems nationwide, to $25 million to support future growth.

February 22, 2023 Bill Korn | CareCloud | Silicon Valley Bank | Tom Gordon Ian Koplin

Silicon Valley Bank Appoints New Leadership to Support Innovation Economy Clients

Silicon Valley Bank named Ashraf Hebela the new head of technology and healthcare banking for North America. The company also announced that Lewis Hower will step up to lead startup banking.

February 9, 2023 Ashraf Hebela | Greg Becker | Lewis Hower | Mike Descheneaux | Silicon Valley Bank Ian Koplin

Silicon Valley Bank Expands Credit Facility with Flux Power Holdings to $14MM

Flux Power Holdings expanded the available credit under its existing facility with Silicon Valley Bank. The amended agreement increases the available capacity of the facility from $8 million to $14 million to support higher working capital requirements related to increased customer demand.

January 17, 2023 Flux Power Holdings | Jordan Kanis | Silicon Valley Bank Ian Koplin

Grove Collaborative Replaces Silicon Valley Bank Credit Facilities with New $72MM Term Loan

Grove Collaborative, a sustainable consumer products company, entered into a new loan and security agreement providing for a four-year, $72 million term loan. The loan agreement replaces Grove’s existing credit facilities with Silicon Valley Bank.

Silicon Valley Bank Provides $40MM Credit Facility to Aspen Neuroscience

Aspen Neuroscience, a biotechnology company developing autologous cell therapies, including an iPSC-derived autologous neuron replacement treatment for Parkinson’s disease, signed a $40 million credit facility with Silicon Valley Bank. Deal terms were not disclosed.

December 22, 2022 Aspen Neuroscience | Kameel Farag | Michael White | Silicon Valley Bank Phil Neuffer

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