SVB parent goes bankrupt

Silicon Valley Bank, the California-based institution focused on tech deposits that failed a week ago, has reported its parent company, SVB Financial Group, has filed for Chapter 11 bankruptcy protection.

SVB, which primarily serviced bank startups, was America's 16th largest bank when shut down March 10 by state regulators.

The Federal Deposit Insurance Corporation took over SVB following a bank run as depositors rushed to withdraw funds in a panic over the bank's financial health.

SVB's failure was the second-largest of its kind in U.S. history, second only to the folding of Washington Mutual in 2008.

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