SVB Financial Group (NASDAQ:SIVB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)The Board of Directors of SVB Financial Group (the “Company”) has elected John Clendening as a director, effective as of August 3, 2017. Mr. Clendening will serve as a member on the Credit Committee of the Board of Directors, as well as a director on the Board of Directors of Silicon Valley Bank, the Company’s principal banking subsidiary.
Mr. Clendening does not have any familial relationship with any director or executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer. Additionally, there are no transactions in which Mr. Clendening has an interest requiring disclosure under Item 404(a) of SEC Regulation S-K.
Mr. Clendening will enter into the Company’s standard form of Indemnification Agreement for directors, and in connection with his service to the Company as a director, he will be entitled to compensation in accordance with the Company’s director compensation practices, which includes meeting fees.
A copy of the press release announcing the election of Mr. Clendening is filed herewith as Exhibit 99.1 and incorporated by reference.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
Description |
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99.1 |
Press Release, dated August 3, 2017, announcing the election of John Clendening to the Board of Directors of the Company |
SVB FINANCIAL GROUP ExhibitEX-99.1 2 ex991director.htm EXHIBIT 99.1 Exhibit Exhibit 99.1NewsSVB Financial Group Appoints John Clendening to its Board of Directors SANTA CLARA,…To view the full exhibit click here
About SVB Financial Group (NASDAQ:SIVB)
SVB Financial Group (SVB Financial) is a diversified financial services, bank holding and financial holding company. The Company operates through three segments: Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment consists of the operations of its Commercial Bank, and of SVB Wine, SVB Analytics and its Debt Fund Investments. SVB Private Bank is the private banking division of the Bank, which provides a range of personal financial solutions for consumers. SVB Capital is the venture capital investment arm of SVB Financial Group, which focuses primarily on funds management. The Company, through its subsidiaries and divisions, offers a range of banking and financial products and services to clients across the United States, as well as in international entrepreneurial markets. The Company offers services in the technology, life science/healthcare, private equity/venture capital and wine industries.