Loans to Silicon Valley Banks' officers, directors and principal shareholders, as well as other insiders, more than tripled to $219 million in the final months of SVB

3/21/2023

Loans to Silicon Valley Banks' officers, directors and principal shareholders, as well as other insiders, more than tripled to $219 million in the final months of SVB, per Bloomberg.

SVB said: “Our loan portfolio has a credit profile different from that of most other banking companies,” the company said in the report. The firm added that “a significant portion of our loan portfolio is comprised of larger loans, which could increase the impact on us of any single borrower default.”

That’s a record dollar amount of loans issued to insiders, going back at least two decades, per Bloomberg.

Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.

This was part of their trading plans, the 10-51-b plans.

Gregory Becker, CEO, sold 11% on Feb 27, 2023.

Michael Zucker, General Counsel, 19% on Feb 5.

Daniel Beck, CFO, sold 32% on Feb 27.

Michelle Draper, CMO, sold 25% on Feb 1.

Read more: https://unusualwhales.com/news/numerous-corporate-executives-sold-silicon-valley-bank-sivb-stock-before-the-collapse

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