Yahoo Finance Live anchor Julie Hyman reports that Silicon Valley Bank’s parent company SVB Financial Group has filed for bankruptcy, not the commercial bank itself.

Video Transcript

JULIE HYMAN: We told you at the top of the show about Silicon Valley Bank Financial Group filing for Chapter 11 bankruptcy protection, and I just wanted to offer a little bit of clarification on that. This is the parent company. It is SVB Financial Group that has done this bankruptcy filing.

The bank itself-- the commercial bank, that is, where most of the deposits were held, the vast majority were held, is under the receivership, the control of the FDIC. So it is not part of this bankruptcy filing.

And also it sounds like that the operating arms of the securities and venture-capital businesses are also not part of this filing. It sounds like it is just the holding company here that did this bankruptcy filing.

So just to clarify there because the filing was not the clearest. So I wanted to make sure that you understood as we came to understood-- understand what exactly that filing meant.