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People from Wisbech Sierra Leone Creole history
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Silicon Valley Bank, a subsidiary of SVB Financial Group, is a U.S.-based high-tech commercial bank.
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The bank has helped fund more than 30,000 start-ups. SVB is on the list of largest banks in the
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United States, and is the biggest bank in Silicon Valley based on local deposits.
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The bank is also one of the largest providers of financial services to wine producers in Napa
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Valley.
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History
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Silicon Valley Bank (SVB) was founded in 1982 by Bill Biggerstaff and Robert Medearis over a poker
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game. Its first office opened in 1983 on North First Street in San Jose. The Palo Alto office
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opened in 1985. The bank’s main strategy was collecting deposits from businesses financed through
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venture capital. It then expanded into banking and financing venture capitalists themselves, and
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added services aimed at allowing the bank to keep clients as they matured from their startup phase.
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In 1986, SVB merged with National InterCity Bancorp and opened an office in Santa Clara. In 1988,
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the bank completed its IPO, raising $6 million. In the same year they opened another office in San
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Jose. In 1990, the bank opened its first office on the East Coast, near Boston. The following year,
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the bank went international with the launch of the companies Pacific Rim and Trade Finance.
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By the mid-1990s, the bank had provided early venture capital to Cisco Systems and Bay Networks.
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In 1992, the bank was hit by the real estate burst (50% of the bank's assets) and recorded a $2.2
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million yearly loss. In 1993, the bank's founding CEO, Roger V. Smith, was replaced by John C.
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Dean; Smith became Vice Chairman of the bank. Smith left in 1994 to launch the Smith Venture Group.
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In 1994, the bank launched its Premium Wine Practice activities. In 1995, the bank moved its
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headquarters from San Jose to Santa Clara. In 1997, SVB opened a branch in Atlanta. In 1999, the
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company was reincorporated in Delaware. From March 1999 to March 2000, SVB's stock value soared
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from $20 to $70.
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In 2000, SVB opened a branch in Florida. In 2001, SVB Securities acquired the Palo Alto investment
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banking firm Alliant Partners for $100 million. Following the crash of the dot-com bubble, the
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bank's stock dropped 50%. In 2002, the bank began expanding its private banking business, which up
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to that point had been done primarily as a favor to wealthy venture capitalists and entrepreneurs.
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In 2004, the bank opened international subsidiaries in Bangalore, India, and London. In 2005 it
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opened offices in Beijing and Israel. In 2006, the bank began operations in the UK and opened its
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first branch there in 2012. In 2006, the bank also ceased its investment banking activities,
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launched after the 2001 dotcom crash.
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In December 2008, SVB Financial received a $235 million investment from the U.S. Treasury through
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the Troubled Asset Relief Program. The U.S. Treasury received $10 million in dividends from Silicon
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Valley Bank and, in December 2009, the bank repurchased the outstanding stock and warrants held by
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the government, funding this through a stock sale of $300 million.
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In April 2011, Ken Wilcox, who had been CEO since 2000, left the CEO position, while remaining
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Chairman of the Board; he was replaced by Greg Becker as CEO.
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In November 2012, the bank announced a 50-50 joint venture with Shanghai Pudong Development Bank
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(SPDB) to provide capital to start-up technology entrepreneurs. In July 2015, the joint venture was
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granted approval by the China Bank Regulatory Commission (CBRC) to operate in renminbi (RMB), the
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official currency of the People’s Republic of China. This license allows the joint venture to
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provide banking products and services to its clients in local Chinese currency. According to the
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bank itself, in 2015 SVB was catering banking and financial services to 65% of all startups.
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In March 2017, Michael R. Descheneaux was named president of the company.
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Operations
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The company focuses on lending to technology companies, providing multiple services to venture
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capital, revenue-based financing and private equity firms that invest in technology and
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biotechnology, and also on private banking services for high-net-worth individuals, in its home
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market in Silicon Valley. In addition to taking deposits and making loans, the bank operates
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venture capital and private equity divisions that sometimes invest in the firm's commercial banking
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clients.
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The bank is the largest bank in Silicon Valley in terms of deposits, with a 25.9% market share as
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of June 30, 2016.
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The bank operates from 29 offices in the United States and has banking operations in:
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London, United Kingdom Hong Kong Beijing and Shanghai, China Herzliya Pituah, Israel
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Frankfurt, Germany Toronto, Canada
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In addition, SVB Global Services India LLP is a non-banking subsidiary of SVB Financial Group in
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Bangalore, India providing IT and back office support.
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References External links
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1980s initial public offerings 1982 establishments in California Banks based in California
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American companies established in 1982 Banks established in 1982 Companies listed on the Nasdaq
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Companies based in Santa Clara, California
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Black Hour, often stylized as Blackhour, () is a Pakistani progressive rock band from Islamabad,
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founded in 2007 by guitarist Hashim Mehmood. After several lineup changes in its early years, the
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band settled on four members for more than a decade: Hashim Mehmood, drummer Daim Mehmood, bassist
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Salman Afzal and lead vocalist Tayyab Rehman. Black Hour has consistently incorporated progressive,
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folk, classical, and alternative influences into its compositions, as well as strong influences
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from heavy metal, especially in their early works.
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Black Hour has released two studio albums and one live album. The band released its debut album Age
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of War in 2011, which garnered them critical success and began to create a cult following for the
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band outside of Pakistan. In 2016, Black Hour released their best selling album Sins Remain, which
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received accolades from around the globe, with Aaron Yurkiewicz from Metal Rules rating the album
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4/5 and Rock Hard giving positive reviews, comparing the band's music with Iron Maiden. The band
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came into the highlight when they went on Pepsi Battle of the Bands and shifted their musical
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lyrics from English to Urdu in 2019 and released their third studio album, Woh Jahan (Another
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Universe) in February 2021.
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History Formation and early years (2007–2009)
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Black Hour was formed as a heavy metal band in 2007 in Islamabad, Pakistan, by lead guitarist
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Hashim Mehmood. In 2007, Hashim asked his college friends, Hasan Rauf and Saad Javed to join Black
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Hour on guitars and bass alongside his brother Daim Mehmood to be the drummer of the band. After
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several line-up changes, in 2008, the band recruited Tayyab Rehman on vocals and in an interview
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with Metalhead Spotted, confirmed, "Tayyab suddenly clicked with the band" after meeting the lead
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guitarist, Hashim Mehmood. This prompted the band to perform in the local metal scene and gaining
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recognition in Pakistan. Soon after in 2009, Hasan Rauf left the band and was replaced by Mubbashir
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Sheikh on guitars.
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Age of War (2010–2014)
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With Rehman as the vocalist and Sheikh on guitars, Black Hour went on to perform and participate at
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various underground musical competitions and after three successive wins at the Underground Battle
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of the Bands in Pakistan and getting acclaim for their the singles, "Age of War" and "Salvation",
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the band decided to work on their debut album in the mid of 2010. During an interview with
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Metalindia Magazine, "it wasn't until 2009 that Black Hour became what it is today. And although
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it's a cliché but the journey hasn't been very smooth for Blackhour, but then again our fans,
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friends and family have always been there to help us through some really tough times, and we
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wouldn't be where we are today if it weren't for each and every one of them", Rehman said on Age of
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War, the debut album by the band.
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Black Hour recorded its debut album, Age of War, at 11/8 Studios in Islamabad, Pakistan in 2010.
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However, the album was not released until October 25, 2011 via Yourlabel Records in the United
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States of America and by Afterwind Records in Pakistan. The album sold over 10,000 copies worldwide
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and helped the band gain success both locally and internationally. Soon after a few live shows in