SVB Financial Group significant event initial public offering
History
SVB Financial was founded as Silicon Valley Bancshares on April 23, 1982, by Bill Biggerstaff and Robert Medearis over a poker game. Silicon Valley Bank was incorporated as a wholly-owned subsidiary in October 17, 1983.In 1988, the company went public via an initial public offering, raising $6 million.The company's stock price soared through the dot-com bubble but fell 50% when the bubble burst. The company reincorporated as a Delaware corporation in 1999. Ken Wilcox became CEO in 2000In 2001, the company's investment banking arm, SVB Securities, expanded its business with a $100 million acquisition of Palo Alto Alliant Partners, which was rebranded SVB Alliant. In 2002, it formally entered the private banking business, building on prior experience and relationships with wealthy venture capitalists and entrepreneurs.
On May 31, 2005, Silicon Valley Bankshares rebranded as SVB Financial Group, signaling the company's diversification away from commercial banking. SVB Alliant ceased operations in 2007.In December 2008, SVB Financial received a $235 million investment from the U.S. Treasury through the Troubled Asset Relief Program. The U.S. Treasury received $10 million in dividends from SVB Financial and, in December 2009, the company repurchased the outstanding stock and warrants held by the government, funding this through a stock sale of $300 million.In 2015, CEO Greg Becker indicated that SVB had yet to make immediate plans to re-enter the investment banking sector as it had before 2006.In January 2019, SVB Financial acquired Leerink Partners LLC, and renamed the business SVB Leerink. In 2021, SVB acquired Boston Private Financial Holdings and merged its subsidiary Boston Private Bank & Trust Company into Silicon Valley Bank and SVB Private. In 2022, SVB acquired media and telecom research company MoffettNathanson. In February 2022, SVB Leerink was rebranded as SVB Securities.