- Shares of SVB Financial tumbled 60% on Thursday after the bank announced a plan to raise more than $2 billion in capital. The stock dropped another 60% in the premarket Friday before being halted – and shares never reopened for trading.
- The bank sought a buyer after its capital-raising attempts failed, sources told CNBC’s David Faber.
- Financial regulators shut down Silicon Valley Bank on Friday and took control of its deposits.
SVB Financial, parent of Silicon Valley Bank, was unable to find a buyer before a bank run caused regulators to shut it down.
Sources told CNBC’s David Faber earlier that deposit outflows were outpacing the sale process, making it very difficult for a realistic assessment of the bank by potential buyers to take place.
SVB was trying to find a buyer and hired advisors to do so after attempts by the bank to raise capital failed, the sources told Faber.
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