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273 SVB Is Sold, but Other Banks Are Already Filling the Void

The Information
Michael Roddan @ The Information 3 place · 03/27/2023 09:00 EDT

SVB Is Sold, but Other Banks Are Already Filling the Void

After a two-week auction process, Silicon Valley Bank has finally been sold to regional lender First Citizens Bank. But while the sale of the tech industry’s go-to bank was playing out, other banks moved to fill the void.

Among the firms moving quickly are SVB rival Western Alliance-owned Bridge Bank and JPMorgan Chase, as well as newer institutions Mercury and Brex.

“You can see the void is being filled immediately,” said Scott Orn, the chief operating officer at Kruze Consulting, which works with CFOs a

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