档案库 · 金融科技 · 战略决策 · 1983–2023
硅谷银行（SVB）的初创企业银行业务赌注在2023年挤兑中破产；第一公民银行弃用该品牌
硅谷银行靠为其他银行不愿接手的初创企业提供银行服务开创了风险债务业务，却在2023年两天挤兑中输掉了整个特许经营权；该品牌于2026年10月停用
硅谷银行（Silicon Valley Bank）
做的是什么生意
SVB was the startup economy's bank: checking, credit and the venture debt it invented for US venture-backed technology and life-science companies, banking close to half of them at its peak
起因
The idea came out of a poker-game conversation at Pajaro Dunes in the early 1980s between Wells Fargo executive Bill Biggerstaff and Stanford professor Robert Medearis, who thought the companies being funded up and down Sand Hill Road needed a bank that understood them. SVB opened its first office in San Jose on October 17, 1983, with Roger Smith as founding CEO. The first decade nearly ended it: by the early 1990s roughly half the loan book was commercial real estate, and when the California market turned SVB posted a loss in 1992. It pulled real estate down to under 10% of loans within three years and went all in on the innovation economy instead.
经过
That pivot set up the next 25 years. SVB built an underwriting model for companies with no profits, often no revenue, and an asset base consisting almost entirely of a term sheet and a team; it invented venture debt as a real product category, lent early to Cisco and Bay Networks, and expanded to Israel in 2008, the UK and a China joint venture in 2012, then Europe and Canada. By the end it banked close to half of all US venture-backed technology and life-science companies and handled 55% of venture-backed tech and healthcare IPOs in 2021 and 44% in 2022. Total assets went from about $71 billion in 2019 to more than $211 billion by 2021. Deposits arrived faster than anyone could deploy them into loans, so SVB put an enormous share into long-duration securities at the exact bottom of the rate cycle — then the Fed hiked nine times in a year. The Fed's own post-mortem called it a textbook case of mismanagement: no chief risk officer for roughly eight months, interest-rate hedges that had come off, 31 open supervisory findings at the end of 2022, risk positioned to protect against rates falling rather than rising, and deposits overwhelmingly uninsured and drawn from one interconnected industry. On March 8, 2023, SVB sold about $21 billion of securities at a roughly $1.8 billion after-tax loss and announced it would raise $2 billion. On March 9 clients attempted to pull $42 billion in a single day. On March 10 the California DFPI closed it and appointed the FDIC as receiver — the second-largest bank failure in US history at the time.
结果
On Sunday March 12, 2023, the Treasury Secretary, the Fed Board and the FDIC Board invoked the statutory systemic-risk exception and guaranteed every depositor, insured and uninsured. Protecting uninsured depositors at SVB and Signature cost the Deposit Insurance Fund an estimated $16.3 billion, repaid through a special assessment on the 110 banks holding more than $5 billion in uninsured deposits; shareholders and certain bondholders were wiped out. SaaStr AI's roughly $10 million of uninsured operating cash came back only because of that policy call. First Citizens bought the franchise and roughly doubled into a $236 billion bank, and in October 2026 the SVB brand retires: Silicon Valley Bank Technology and Healthcare Banking becomes First Citizens Innovation Banking, SVB Global Fund Banking becomes First Citizens Fund Banking, and SVB Go becomes Go by First Citizens Bank. SVB Financial Trust, the old holding company's successor, sued First Citizens in March 2025 over the trademarks, chevron logo and svb.com, with a jury trial set for February 2027.
背景
硅谷银行成立于1983年，其赌注是无利可图、通常无收入、资产仅是一份投资意向书和一个团队的风投支持公司是可银行化的，并且一家银行可以独占这块无人想要的业务。它于1983年10月17日在圣何塞开设第一家办公室，在20世纪90年代初房地产贷款恶化时几乎倒闭，然后大力转向创新经济，发明了风险债务这一产品类别。
这一策略成功了几十年：硅谷银行为近一半的美国风投支持科技和生命科学公司提供银行服务，并在2021年处理了其中55%的IPO。随后存款从2019年的约710亿美元增至2021年的超过2110亿美元——增长快于贷款投放，于是硅谷银行在利率周期底部购买了巨额长期证券。当美联储在一年内九次加息时，其事后报告发现，八个月没有首席风险官，对冲措施失效，有31项未决监管意见，投资组合的定位是防范利率下降而不是上升。
2023年3月8日，硅谷银行以18亿美元的税后亏损出售了约210亿美元证券，并宣布筹资20亿美元。次日客户试图提取420亿美元，3月10日监管机构关闭了该银行——这是当时美国第二大倒闭事件。3月12日，一项系统性风险例外条款确保了所有储户，使存款保险基金损失估计达163亿美元，第一公民银行收购了该公司。SaaStr的创始人曾在硅谷银行存有1000万美元未投保现金，他表示这个周末是初创企业现在开设多个账户的原因；硅谷银行品牌名称于2026年10月停用。
这件事要成立，得有什么
- 承销优势本身造成了致命集中：服务近一半美国风投支持的科技和生命科学公司，使得整个存款基础都依赖于该行业的融资周期。
- 存款增长快于贷款，于是大量资金投入在利率周期底部购买的长期证券，而当利率上升时，之前的对冲措施已经失效。
- 风险管理为短期利润而被削弱——大约八个月没有首席风险官，利率风险模拟不可靠，银行定位为防利率下降而非上升。
- 存款绝大多数未投保且客户间通过群聊和风投组合邮件相互关联，因此18亿美元的亏损公告变成了420亿美元的单日提款请求。
- 解决方案——通过其他银行的特别评估费提供存款担保——拯救了初创企业的工资单，但结束了一个机构持有整个生态系统一半现金的时代。
可借鉴之处
主导单一客户类型使硅谷银行不可替代，但同样的集中——一个行业的未投保存款加上未对冲的久期押注——使其客户成为挤兑的通道
后续进展
在第一公民银行内部，该业务现在是一家规模达2360亿美元的银行——2026年第二季度贷款1510亿美元，存款173.4亿美元——仍在偿还350亿美元的收购票据。硅谷银行品牌于2026年10月退出，整合进第一公民银行的创新银行、基金银行及Go品牌；硅谷银行金融信托于2025年3月提起的商标诉讼将在2027年2月进入陪审团审判。初创企业的资金管理已经碎片化：摩根大通增加了数百名创新经济银行家，Mercury和Brex占据了新公司开户市场，风投支持的公司现在开设多个银行账户并使用现金管理产品。
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