SAN FRANCISCO -The Federal Reserve Bank of San Francisco and the California Department of Financial Institutions last week removed enforcement orders they had imposed on Silicon Valley Bank in Santa Clara, Calif.
The $5.1 billion-asset bank had been under the order since October. Regulators, who were concerned about Silicon Valley's credit quality and underwriting standards, had ordered it to raise its capital ratio. Silicon Valley has since boosted its Tier 1 capital by moving deposits off its balance sheet into higher-yielding private mutual funds, according to John C. Dean, the bank's president and chief executive officer.
Silicon Valley, a subsidiary of Silicon Valley Bancshares, specializes in lending to start-up technology firms.