Current Report Filing (8-k)
March 14 2023 - 05:19PM
Edgar (US Regulatory)
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2023-03-08 0000719739 us-gaap:CommonStockMember 2023-03-08
2023-03-08 0000719739 us-gaap:SeriesAPreferredStockMember
2023-03-08 2023-03-08
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): March 8,
2023
SVB Financial Group
(Exact Name of Company as Specified In Its Charter)
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Delaware |
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001-39154 |
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91-1962278 |
(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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3003 Tasman Drive
Santa Clara, California 95054-1191
(Address of principal executive offices) (Zip Code)
(408) 654-7400
(Company’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Company under
any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading
symbol(s)
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Name of each exchange
on which registered
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Common Stock, par value $0.001 per share |
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SIVB |
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The
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 A |
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SIVBP |
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The
Nasdaq Stock Market LLC |
Indicate by check mark whether the Company is an emerging growth
company as defined in Rule 405 under the Securities Act (17 CFR
230.405) or Rule 12b-2
under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
Company 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. ☐
Item 2.01. |
Completion of Acquisition or Disposition of Assets.
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As previously disclosed and prior to the commencement of the
receivership for Silicon Valley Bank, on March 8, 2023,
Silicon Valley Bank completed the sale of a portfolio of available
for sale securities with a book value of approximately
$23.97 billion for net proceeds of approximately
$21.45 billion (resulting in an after tax loss of
approximately $1.8 billion). The portfolio was sold to Goldman
Sachs & Co. LLC at negotiated prices.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the Company has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
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SVB Financial Group
(Company)
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Date: March 14, 2023 |
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By: |
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/s/ William Kosturos
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Name: |
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William Kosturos |
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Title: |
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Chief Restructuring Officer |
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