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SVB Financial Files for Chapter 11 Bankruptcy Protection

By: Gravy Smith

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The parent company of Silicon Valley Bank filed for bankruptcy, easing a sale of its remaining assets after the technology-focused bank at the core of its business was seized by federal regulators.

SVB Financial Group filed for chapter 11 protection on Friday in New York bankruptcy court, the largest bankruptcy filing stemming from a bank failure since Washington Mutual Inc. in 2008.

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