sivb-20201022
0000719739false00007197392020-10-222020-10-220000719739us-gaap:CommonStockMember2020-10-222020-10-220000719739us-gaap:SeriesAPreferredStockMember2020-10-222020-10-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2020
 
SVB Financial Group
(Exact name of registrant as specified in its charter)
 
 
Delaware000-1563791-1962278
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3003 Tasman Drive, Santa Clara, CA 95054-1191
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (408654-7400
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.142-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Exchange on Which Registered
Common Stock, par value 00007197392020-10-222020-10-220000719739us-gaap:CommonStockMember2020-10-222020-10-220000719739us-gaap:SeriesAPreferredStockMember2020-10-222020-10-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2020
 
SVB Financial Group
(Exact name of registrant as specified in its charter)
 
 
Delaware000-1563791-1962278
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3003 Tasman Drive, Santa Clara, CA 95054-1191
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (408654-7400
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.142-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Exchange on Which Registered
Common Stock, par value $0.001 per shareSIVBThe Nasdaq Stock Market LLC
Depositary shares, each representing a 1/40th interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ASIVBPThe Nasdaq Stock Market LLC
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 22, 2020, SVB Financial Group (the “Company”) announced that its Board of Directors had appointed Richard Daniels as a director of the Company and its wholly owned subsidiary, Silicon Valley Bank.

Mr. Daniels has entered into the Company’s standard form of Indemnification Agreement for directors, and in connection with his service as a director, he will be entitled to compensation in accordance with the Company’s compensation practices, subject to proration to reflect the commencement date of his service. The Company’s director compensation practices are described under the caption “Compensation for Directors” in the Company’s definitive proxy statement filed on March 9, 2020. There are no arrangements or understandings between Mr. Daniels and any other persons pursuant to which Mr. Daniels was appointed as a director. There are no transactions in which Mr. Daniels has an interest requiring disclosure under Item 404(a) of Regulation S-K.

A copy of the press release announcing the appointment of Mr. Daniels is filed as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits. 
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: October 22, 2020  SVB FINANCIAL GROUP
  By: /s/ GREG BECKER
  Name: Greg Becker
  Title: President and Chief Executive Officer


SIVBThe Nasdaq Stock Market LLC
Depositary shares, each representing a 1/40th interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ASIVBPThe Nasdaq Stock Market LLC
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 22, 2020, SVB Financial Group (the “Company”) announced that its Board of Directors had appointed Richard Daniels as a director of the Company and its wholly owned subsidiary, Silicon Valley Bank.

Mr. Daniels has entered into the Company’s standard form of Indemnification Agreement for directors, and in connection with his service as a director, he will be entitled to compensation in accordance with the Company’s compensation practices, subject to proration to reflect the commencement date of his service. The Company’s director compensation practices are described under the caption “Compensation for Directors” in the Company’s definitive proxy statement filed on March 9, 2020. There are no arrangements or understandings between Mr. Daniels and any other persons pursuant to which Mr. Daniels was appointed as a director. There are no transactions in which Mr. Daniels has an interest requiring disclosure under Item 404(a) of Regulation S-K.

A copy of the press release announcing the appointment of Mr. Daniels is filed as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits. 
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: October 22, 2020  SVB FINANCIAL GROUP
  By: /s/ GREG BECKER
  Name: Greg Becker
  Title: President and Chief Executive Officer



Document
Exhibit 99.1
SVB FINANCIAL GROUP APPOINTS RICHARD DANIELS TO ITS BOARD OF DIRECTORS

SANTA CLARA, Calif. — October 22, 2020 — SVB Financial Group today announced the appointment of Richard Daniels, retired Executive Vice President and Chief Information Officer of Kaiser Permanente, to its board of directors, effective October 22, 2020. SVB Financial Group is the parent company of Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. Daniels will also serve on the board of directors of Silicon Valley Bank.

“Richard has an impressive background using technology to make meaningful and critical contributions to organizations across industries, making him well-suited as a member of the board for SVB,” said Roger Dunbar, Chairman of SVB Financial Group’s Board of Directors. “His thoughtfulness, intellectual curiosity and purpose-driven leadership will make him a strong and valuable asset to SVB.”

Silicon Valley Bank helps address the unique needs of entrepreneurs, innovative companies and their investors in technology and life science sectors. The company offers a range of specialized financial services through locations around the world. With more than $96 billion in assets and more than 4,300 employees globally, SVB strives to improve the probability of its clients’ success. 

“Through decades of experience, Richard has made visions a reality at the organizations he has worked with,” said Greg Becker, President and CEO of SVB Financial Group. “As a technologist at heart, he will be a great addition to SVB’s board and contribute to our ability to deliver long-term value for our stakeholders.”

Daniels brings more than 40 years of technology, manufacturing and healthcare experience to this board position. Most recently, he served as Executive Vice President and Chief Information Officer at Kaiser Permanente, one of America’s leading healthcare providers and not-for-profit healthcare plans. He joined the company in 2008 as a Senior Vice President and Business Information Officer. Prior to his roles at Kaiser Permanente, Daniels was Senior Vice President and Divisional Chief Information Officer of the Auto Finance Division of Capital One. He also held leadership roles at JPMorgan Chase and Netserv, Inc., after beginning his career in manufacturing at Datapoint Corporation.

Daniels currently serves on the board of the Parkland Center for Clinical Innovation, an advanced nonprofit healthcare analytics R&D organization based in Dallas, Texas, and he is the Board Chair of Playworks, a national nonprofit that supports the learning and physical health of low-income students in urban schools.

Daniels earned a Bachelor of Arts and Applied Science degree in business management from Texas State University, San Marcos. He served in the United States Air Force in active service for seven years.

For more information about SVB, visit www.svb.com.

About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine




industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com.

SVB Financial Group is the holding company for all business units and groups © 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group. [SIVB-F]

Media Contact:
Julia Thompson
Silicon Valley Bank    
415.764.4707
Jthompson3@svb.com



v3.20.2
Document and Entity Information
Oct. 22, 2020
Entity Information [Line Items]  
Entity Registrant Name SVB Financial Group
Document Type 8-K
Document Period End Date Oct. 22, 2020
Entity Incorporation, State or Country Code DE
Entity File Number 000-15637
Entity Tax Identification Number 91-1962278
Entity Address, Address Line One 3003 Tasman Drive
Entity Address, City or Town Santa Clara
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95054-1191
City Area Code 408
Local Phone Number 654-7400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000719739
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol SIVB
Security Exchange Name NASDAQ
Preferred Stock, Series A  
Entity Information [Line Items]  
Title of 12(b) Security Depositary shares, each representing a 1/40th interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol SIVBP
Security Exchange Name NASDAQ