Key Developments For SVB Financial Group
SVB Financial Group (SIVB.O) (Nasdaq)
SVB Financial Group Announces Closing Of Public Offering
SVB Financial Group announced the closing of the previously announced public offering of 7,800,000 shares of its common stock at a public offering price of $38.50 per share. SVB Financial Group received net proceeds of approximately $286 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Morgan Securities Inc. and BofA Merrill Lynch acted as the joint-bookrunning managers of this offering.
SVB Financial Group Announces Pricing Of Public Offering
SVB Financial Group announced that it has priced a public offering of 7,800,000 shares of common stock at $38.50 per share. The underwriters will also have a 30-day over-allotment option to purchase up to 1,170,000 additional shares of common stock from the Company at the public offering price. The offering is being made solely by means of a prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. J.P. Morgan Securities Inc. and BofA Merrill Lynch are serving as the joint-bookrunning managers of this offering and Keefe, Bruyette & Woods, Inc., RBC Capital Markets Corporation and Sandler O'Neill & Partners, L.P. are serving as co-managers.
SVB Financial Group Announces Common Stock Offering
SVB Financial Group announced that it intends to offer, subject to market and other conditions, approximately $300,000,000 of common stock. In connection with the offering, the underwriters will have an option to purchase up to an additional 15% of the number of shares of common stock sold in the offering to cover over-allotments, if any. The Company does not use the net proceeds of the offering to repurchase the Series B Preferred Stock and the warrant, it will use the net proceeds for general corporate purposes, including working capital and continued lending to clients through its banking subsidiary, Silicon Valley Bank. J.P. Morgan Securities Inc. and BofA Merrill Lynch are serving as the joint-bookrunning managers of this offering and Keefe, Bruyette & Woods, Inc., RBC Capital Markets Corporation and Sandler O'Neill & Partners, L.P. are serving as co-managers.
SVB Financial Group's SVB Analytics Introduces FAS 157 Service to Help Satisfy Mark to Market Requirement
SVB Financial Group's announced that SVB Analytics has launched a service to assist venture capital and private equity firms with FAS 157 compliance related to the mark to market requirement for their portfolio company investments. As part of the larger move toward fair-value accounting, venture capital and private equity firms are required under this accounting standard to mark their portfolios to market on a quarterly basis. The SVB Analytics FAS 157 service includes comparable company and transaction selection, tailored allocation methodologies based on sector and stage, summary portfolio reporting by fund, and access to portfolio company ownership information.
SVB Financial Group Sees FY 2009 Charge Lower Than Annualized Trend
SVB Financial Group announced that it expects net charge-offs for fiscal 2009 to be lower than the annualized trend indicated by the first quarter 2009 results.
