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close video Silicon Valley Bank victim Naveen Jain speaks out on chaotic bank failure

Viome founder and CEO Naveen Jain discusses how his business had $25 million stored in Silicon Valley Bank on ‘Mornings with Maria.’

Silicon Valley Bank's parent company SVB Financial Group has filed for Chapter 11 bankruptcy protection in a New York court after the bank collapsed last week, upending the world of tech startups.

The company said in a statement that SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing and continue to operate in the ordinary course as the company explores "strategic alternatives" for these businesses.

SVB Capital is the failed bank's venture capital arm that manages $9.5 billion with large investments in top Silicon Valley firms including Sequoia Capital, Andreessen Horowitz, and Ribbit Capital, according to documents reported by The Information. SVB Securities is an investment bank that specializes in health care and technology.  Ticker Security Last Change Change % SIVB SVB FINANCIAL GROUP 106.04 -161.79 -60.41%

Silicon Valley Bank, N.A., the new entity created by the Federal Deposit Insurance Corporation (FDIC) after SVB's collapse, is no longer affiliated with SVB Financial Group and is not included in the Chapter 11 filing. 

HOW FIRST REPUBLIC RESCUE, SILICON VALLEY BANK COULD COST MAIN STREET AMERICA

The Silicon Valley Bank (SVB) logo is seen through a rain covered window in front of the SVB headquarters on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down on March 10 by California regulators and was put in control of (Justin Sullivan/Getty Images / Getty Images)

The filing was made with the U.S. Bankruptcy Court for the Southern District of New York.

SVB Financial Group said it has approximately $2.2 billion of liquidity at time of filing. Its funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes, and the company also has $3.7 billion of preferred equity outstanding. 

"The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities," said William Kosturos, Chief Restructuring Officer for SVB Financial Group. "SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams."

PETER THIEL SAYS HE HAD $50M IN SILICON VALLEY BANK WHEN IT SHUT DOWN

An employee checks his phone after arriving to work to a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023, in Santa Clara, California. Prior to being shut down by regulators, shares of SVB were halted on March 10 after falling more (Justin Sullivan/Getty Images / Getty Images)

"SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank," Kosturos continued. "We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities."

Silicon Valley Bank, which mainly serviced tech startups and was the nation's 16th largest bank when it was shut down on March 10 by California regulators. The FDIC took over the bank's operations following a liquidity crisis as depositors rushed to withdraw their money amid a panic over the bank's health. It was the second-largest bank failure in United States history and the largest since Washington Mutual went under in 2008. 

CCP-LINKED SILICON VALLEY BANK DEPOSITERS COULD BE ‘MADE WHOLE’ BY US: YELLEN

The FDIC announced a plan on Sunday to ensure that Silicon Valley Bank depositors would be able to access the full amount of their money. (AP Photo/Peter Morgan / AP Newsroom)

Days before its collapse, SVB disclosed huge losses which sent its stock price cratering 60%. The vast majority of SVB's customers had deposits in excess of the FDIC's $250,000 protection threshold, which led to fears hundreds of startup companies might lose access to their money and be unable to make payroll.

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The Treasury Department, the Federal Reserve, and the FDIC announced a plan on Sunday to ensure that SVB customers would be able to access all of their funds — even beyond the $250,000 limit. Critics have called the move a "bailout," but government officials have disputed that characterization, and financial analysts have noted that depositors, not SVB itself, are the ones benefiting from the government's action. 

FOX Business' Breck Dumas contributed to this report.

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Horns’ Ewers leads ‘new era’ of college football

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Horns' Ewers leads 'new era' of college football

ARLINGTON, Texas — Texas coach Steve Sarkisian said Thursday that quarterback Quinn Ewers, with the emergence of name, image and likeness and the transfer portal, has become the face of this “new era of college football.”

Ewers initially committed to Texas, but he then opted to skip his senior year of high school and reclassify to the 2021 recruiting class before enrolling a year early and joining Ohio State during preseason practice.

Still the nation’s No. 1 ranked overall prospect, Ewers landed one of the first marquee NIL deals worth $1.4 million.

Ewers, who lasted one season with the Buckeyes before transferring to Texas, will square off against Ohio State on Friday night in the Goodyear Cotton Bowl with a trip to the College Football Playoff national championship on the line.

“It’s not been an easy journey for him,” Sarkisian said Thursday. “There’s been ups, there’s been downs, there’s been injuries, there’s been great moments, there’s been tough moments. … But at the end of the day, he’s always stayed true to who he is. The guy’s been a steady sea for us.”

Ewers has been making college football headlines since Ohio State offered him a scholarship when he was just in middle school. This week, Buckeyes coach Ryan Day recalled meeting Ewers for the first time when he was an eighth-grader visiting a Buckeyes football camp.

“He was a boy at the time really, who just had a tremendous release,” Day recalled. “And I remember grabbing him and grabbing his dad and said, ‘Man, you got a bright future ahead of you. I don’t know if this is good or bad, but we’re going to offer you a scholarship to Ohio State.'”

C.J. Stroud, who has since led the Houston Texans to the NFL playoffs, emerged as a star quarterback for the Buckeyes then, prompting Ewers to transfer to Texas.

“Boy, it was strange how it all shook out,” Day said. “He decided he really wanted to play. And it was disappointing for us, but we certainly understood. From afar I’ve watched him. He’s a really good player. He comes from a great family, and he’s had a great career at Texas and a lot of people here still have good relationships with him and think the world of him.”

At Texas, Ewers has started in 27 wins and led the Longhorns to back-to-back playoff appearances. This season, he has thrown for 3,189 yards and 29 touchdowns with 11 interceptions.

Ewers noted that the “coolest part” of the NIL era is being able to provide for his parents. He has even hired his mom, making her CFO of his finances while giving her a salary.

“Which is nice just because all the effort and work they put into me growing up,” he said. “I mean, when we were living in South Texas, they both quit their jobs and moved up to Southlake [to support Ewers’ budding athletic career].”

Whatever happens in the playoff — whether it be a loss Friday or a national championship victory against the winner of Notre DamePenn State on Jan. 20 — Ewers’ career at Texas figures to be coming to a close.

Though Ewers still has one season of eligibility remaining, blue-chip quarterback prospect Arch Manning appears primed to finally take over in Austin next season.

Manning, the nephew of NFL quarterback greats Peyton and Eli Manning, who could become the No. 1 overall prospect for the 2026 NFL draft, has backed up Ewers for two seasons waiting for his opportunity. Sarkisian even momentarily benched Ewers in favor of Manning during Texas’ 30-15 loss to Georgia on Oct. 19.

Still, Ewers figures to have options.

ESPN football analyst Mel Kiper Jr. ranks him as the No. 6 quarterback prospect eligible for the upcoming draft. Rumors have also emerged recently that Ewers could put off the NFL for another year and transfer to a third school for millions more in NIL money.

Amid those distractions, Ewers has thrived in the playoff bouncing back from oblique and ankle injuries from earlier in the year to complete 69% of his passes with four touchdowns in Texas’ two victories.

In the Chick-fil-A Peach Bowl quarterfinal, Ewers tossed 29- and 25-yard touchdown passes in the overtimes, lifting Texas to the 39-31 win over Arizona State.

“I’ve just been proud of him,” Sarkisian said, “because he’s found a source for him that has been a motivating factor, where he can play free and play loose and play confident.”

Ewers added that, whatever the future holds, even contemplating it now would be “selfish,” with a national title still in reach for him and the Longhorns.

“I owe my teammates the best version of me right now,” he said. “I can’t be looking forward or I’ll trip on the rock that’s sitting right in front of me. I’ve got to be locked in on what’s right here.”

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Texas RT Williams back in lineup for CFP semi

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Texas RT Williams back in lineup for CFP semi

ARLINGTON, Texas — Texas starting right tackle Cameron Williams will return for the College Football Playoff semifinal against Ohio State on Friday, Longhorns coach Steve Sarkisian said Thursday.

Williams suffered a right knee sprain in the playoff opener against Clemson. The injury forced him to miss Texas’ quarterfinal overtime victory over Arizona State.

A junior, Williams has played in 37 games in his career with 16 starts for the Longhorns. Williams is rated as the No. 28 overall prospect and fifth offensive tackle in ESPN’s NFL draft rankings.

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Sources: Georgia QB Beck enters transfer portal

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Sources: Georgia QB Beck enters transfer portal

Georgia quarterback Carson Beck has entered the NCAA transfer portal, sources confirmed to ESPN on Thursday.

Beck had declared for the NFL draft on Dec. 28 but is now reversing course and will explore a transfer.

Sources told ESPN that Miami looms as the favorite for Beck and the timeline for his decision is expected to play out within a week.

While Miami is the favorite for Beck, a source said Beck’s camp intends to listen to all potential suitors for the best situation: “It’s a strategic thing, not an emotional thing,” the source said.

Beck, a two-year starter at Georgia, is currently recovering from surgery to repair the ulnar collateral ligament in his throwing elbow after suffering the injury during the Bulldogs’ SEC championship victory over Texas.

Beck will not be able to throw until March, sources told ESPN, which would have complicated his NFL draft process and will likely force him to miss spring practice at his next school. Sources said the variety of feedback he got from the draft process led to this decision, as he changed his mind in the past 24 hours. He received advice that if he could return and wanted to, he should probably return and play another season in college.

A source said Beck received feedback that he could end up anywhere between the first and third round, with much of that uncertainty due to the fact that he would not be able to throw for a team in predraft workouts.

Despite that injury setback, Beck will immediately become the most coveted quarterback available as a late entry to the transfer market. While Miami looms as the favorite, there are other big brand teams that could jump out as suitors including Texas Tech and Notre Dame.

The 6-foot-4, 220-pound senior went 24-3 as the Bulldogs’ starter and was viewed as a potential No. 1 draft pick entering the 2024 season. He threw for 3,485 yards with 28 touchdowns and 12 interceptions this season and led Georgia back to the SEC title game.

Beck injured his elbow on the final play of the first half against Texas on Dec. 7. Renowned orthopedic surgeon Dr. Neal ElAttrache performed Beck’s surgery on Dec. 23 in Los Angeles.

“He wants to win,” said the source close to Beck. “He didn’t come back to get knocked out at halftime of a conference championship.”

Entering his fifth college season, Beck was viewed as a potential top-10 draft pick. ESPN’s Mel Kiper Jr. currently considers Beck the No. 5 quarterback in his draft rankings.

Miami has not added a transfer quarterback this offseason to succeed Cam Ward, the potential No. 1 pick. They’ve quietly been canvassing the transfer market in recent weeks, per sources, as they have been set on bringing in a front-line starter who can produce immediately, much like Ward did.

Ward made a similar decision last January, initially declaring for the NFL draft but changing his mind and transferring to join the Hurricanes after he was unsatisfied with his draft feedback. Ward finished fourth in Heisman Trophy voting in his lone season in the program after producing 4,313 passing yards and 43 total touchdowns.

On3 first reported Beck’s intentions to enter the portal.

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