The parent company of Silicon Valley Bank reported a “significant increase” in its provision for loan losses during its fourth quarter that it blamed on the “deteriorating economy” in general and on the “current estimated impact of loans including loans to HRJ Capital” in particular.
HRJ Capital, you may recall, is the Woodside investment firm made famous by Hall of Famers Read the rest of this entry »
The parent company of Silicon Valley Bank said today it received “preliminary approval” from the U.S. Treasury Department to partake in its Troubled Asset Relief Program (”TARP”) and receive up to $235 million under its Capital Purchase Program, according to a press release issued by SVB Financial Group today.
The company plans to submit final documentation to the Treasury in order to close the proposed transaction before Dec. 31.
The news comes about a week after Read the rest of this entry »
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