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SVB Financial Awaits $2 Billion Recovery from FDIC Amid Bankruptcy and Banking Crisis
SVB Financial, the former owner of the failed Silicon Valley Bank, is seeking to recover $2 billion in deposits held in receivership by the Federal Deposit Insurance Corp. (FDIC). However, according to bankruptcy court papers filed by the FDIC on May 3, SVB bondholders can only recover the cash through the receivership process.
SVB Financial Group declared bankruptcy in March, intending to use the process to preserve value while exploring alternatives for its other businesses, including SVB Securities and SVB Capital, which were not included in the Chapter 11 filing. The FDIC argues that once it claimed control of SVB, it also took ownership of all deposits in the bank, making SVB Financial’s claim a “”promise to pay”” from the bank.
The bankruptcy declaration came days after the FDIC took control of Silicon Valley Bank following a run on deposits that initiated an ongoing banking crisis. The effects of the collapse continue to impact the industry, with shares of other regional banks, such as PacWest Bancorp and Western Alliance, starting to slide as well.
Companies In This Post
- Allvue and RSM Launch Industry-first Agentic AI Operating Model for Capital Calls Read more
- Batsheva Moshe Has Been Appointed GM Israel Market & EMEA Tech at Kaltura Read more
- Bulldog Federal Credit Union Partners with FMSI to Modernize Branch Experience Read more
- ParaScript® Partners with ABBYY to Deliver End-to-End Document Intelligence Read more
- Addepar Introduces ADX, Enabling Data Activation and AI at Scale Read more
Allvue and RSM Launch Industry-first Agentic AI Operating Model for Capital Calls
Allvue Systems, LLC (“Allvue”), a leading technology provider for the private capital markets, and RSM US LLP (“RSM”), a leading provider of assurance, tax and consulting services for the middle market, today announced a strategic alliance to launch the industry’s first-of-its-kind Agentic AI Capital Operating Model. The model will redefine how quickly and efficiently capital calls are executed and governed across private capital firms using agentic AI orchestration.
Bulldog Federal Credit Union Partners with FMSI to Modernize Branch Experience
FMSI, a provider of branch workforce management and lobby optimization solutions for financial institutions, today announced a new partnership with Bulldog Federal Credit Union, a community-chartered credit union serving Washington County, Maryland since 1968.
ParaScript® Partners with ABBYY to Deliver End-to-End Document Intelligence
ParaScript, an AI-powered document processing company, today announced an alliance with ABBYY, combining ABBYY’s OCR and intelligent document processing (IDP) platform with ParaScript’s handwriting recognition and fraud detection capabilities to deliver a unified document intelligence solution that improves accuracy, reduces manual review and strengthens fraud prevention.
Addepar Introduces ADX, Enabling Data Activation and AI at Scale
Addepar, a global data and AI platform for investment professionals, today announced the launch of Addepar Data Exchange (ADX), a managed data environment within the Addepar platform that enables firms to unify, govern and activate their data to power investment workflows, analytics and AI at scale.
Restive Ventures Announces $45M Fund III to Back AI-Native Financial Services; Targets $1T Market Opportunity
Restive Ventures closed its third fund, Restive Fund III, with $45 million in committed capital, reinforcing its conviction in a new category of AI-native financial services
Lamina Expands nCino Integration, Supporting farm Credit Bank of Texas
Lamina and Farm Credit Bank of Texas (FCBT) today announced a strategic partnership to modernize FCBT’s capital markets operations through the implementation of Lamina, a purpose-built platform for managing loan syndications and participations through API-driven workflow orchestration and AI-powered data extraction.
FCA Safeguarding Reforms Will Strengthen Consumer Trust in Payments Sector
Deep Patel, Partner & UK Payments Lead at global management and technology consultancy Capco, comments on the changes to payment safeguarding rules introduced by the FCA today.
Allvue and RSM Launch Industry-first Agentic AI Operating Model for Capital Calls
Allvue Systems, LLC (“Allvue”), a leading technology provider for the private capital markets, and RSM US LLP (“RSM”), a leading provider of assurance, tax and consulting services for the middle market, today announced a strategic alliance to launch the industry’s first-of-its-kind Agentic AI Capital Operating Model. The model will redefine how quickly and efficiently capital calls are executed and governed across private capital firms using agentic AI orchestration.
Batsheva Moshe Has Been Appointed GM Israel Market & EMEA Tech at Kaltura
Batsheva Moshe has been appointed to GM Israel market and EMEA Tech at Kaltura, the Agentic Digital Experience company. In her new role, Batsheva will lead Kaltura’s Go-To-Market operations in Israel, overseeing sales strategy, field sales, and strategic partnerships. Additionally, she will spearhead the company’s growth and expansion within the technology sector across the EMEA region.
Bulldog Federal Credit Union Partners with FMSI to Modernize Branch Experience
FMSI, a provider of branch workforce management and lobby optimization solutions for financial institutions, today announced a new partnership with Bulldog Federal Credit Union, a community-chartered credit union serving Washington County, Maryland since 1968.
ParaScript® Partners with ABBYY to Deliver End-to-End Document Intelligence
ParaScript, an AI-powered document processing company, today announced an alliance with ABBYY, combining ABBYY’s OCR and intelligent document processing (IDP) platform with ParaScript’s handwriting recognition and fraud detection capabilities to deliver a unified document intelligence solution that improves accuracy, reduces manual review and strengthens fraud prevention.
Addepar Introduces ADX, Enabling Data Activation and AI at Scale
Addepar, a global data and AI platform for investment professionals, today announced the launch of Addepar Data Exchange (ADX), a managed data environment within the Addepar platform that enables firms to unify, govern and activate their data to power investment workflows, analytics and AI at scale.
Bitget Launches Scan to Pay for Instant Payments via USDT
Bitget, the world’s largest Universal Exchange (UEX), has introduced its Scan to Pay feature on Bitget Pay, enabling users to spend USDT directly at offline merchants by scanning QR codes through the Bitget App.
Sustainable Innovation and the Commercialisation of Stablecoins
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