Back to GetFilings.com
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
(Mark One)
|X| ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2003
|_| TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number ___________
SVB Financial Services, Inc.
(Exact Name of Registrant as Specified in Its Charter)
New Jersey 22-3438058
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
70 East Main Street, Somerville, NJ 08876
(Address of Principal Executive Offices) (Zip Code)
(908) 541-9500
(Issuer's Telephone Number, Including Area Code)
Securities to be registered under Section 12 (b) of the Act:
Title Of Each Class Name Of Each Exchange On Which Registered
- ------------------- -----------------------------------------
Common Stock $2.09 par value NASDAQ National Market System
Securities to be registered under Section 12 (g) of the Act:
Common Stock $2.09 par value
(Title of Class)
Indicate by check mark whether the issuer: (1) filed all reports required
to be filed by Section 13 or 15 (d) of the Exchange Act during the past 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes |X| No |_|
Indicate by check mark if there is disclosure of delinquent filers in
response to Item 405 of Regulation S-K is not contained in this form, and no
disclosure will be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K. Yes |_| No |X|
Indicate by check mark whether the registrant is an accelerate filer (as
defined in Exchange Act Rule 12 (b) 2. Yes |_| No |X|
The issuer's revenues for the most recent fiscal year were $22,718,000.
The aggregate market value of voting stock held by non affiliates of the
registrant as of March 17, 2004 was $40,714,000.
The number of shares of the registrants common stock as of March 17, 2004
was 3,860,903.
The following documents are incorporated by reference.
The Annual Report to security holders for the fiscal year ended
December 31, 2003.
The Proxy Statement for the annual meeting of security holders April
29, 2004.
1
PART I
ITEM 1. BUSINESS.
General
SVB Financial Services, Inc. (the "Company") is a New Jersey business
company and a bank holding company. The Company was incorporated on February 7,
1996 for the purpose of acquiring Somerset Valley Bank (the "Bank") and thereby
enabling the Bank to operate within a holding company structure. On May 30,
1996, the shareholders of the Bank approved the acquisition by the Company. On
September 3, 1996, the shares of the Company were exchanged for those of the
Bank. The Company also owns SVB Bald Eagle Statutory Trust I and SVB Bald Eagle
Statutory Trust II in connection with its issuance of subordinated debentures.
The Bank is a New Jersey commercial bank and was granted a charter by the
New Jersey Department of Banking on February 21, 1990. The Bank opened for
business on December 20, 1991 at its Somerville facility after obtaining the
necessary capital in its initial offering and the approval of the Federal
Deposit Insurance Corporation (FDIC). At December 31, 2003, the Bank had total
assets of $431.1 million. Based on total deposits as of June 30, 2003, the Bank
was ranked 61 of 176 commercial banks and savings banks in New Jersey. The Bank
opened full service banking offices in Hillsborough Township in 1996,
Bridgewater Township in 1997, the Arbor Glen retirement community in 1998,
Manville Borough in 1999, Aberdeen and Bernards Townships in 2000, Edison
Township in 2001, Warren Township in 2002 and in Flemington at the Reading Ridge
commercial center in February of 2004. A mini facility with a drive-up was
opened on Gaston Avenue in Somerville in 1998 to augment the Bank's Main Office
which has no drive-up. The Bank has received regulatory approval to open full
service banking offices on Middlesex Avenue in Metuchen, on Route 31 in
Flemington and the intersection of Hadley Center Drive and Stelton Road in South
Plainfield. All of the these offices are expected to open in 2004.
The Bank has two subsidiaries. Somerset Valley Investment Company, Inc.,
which is 100% owned by the Bank. Somerset Valley Investment Company, Inc. owns
100% of the stock of West End One Corp., which is incorporated in the State of
Delaware. West End One Corp. manages an investment portfolio similar to the
Bank's earning assets.
The Bank provides a wide range of commercial and consumer banking
services.
Deposit services include business and personal checking accounts,
interest-bearing NOW accounts, money market deposit accounts, savings accounts
and certificates of deposit. In order to compete with the larger banks for
deposit accounts, the Bank gives favorable terms (interest rates, minimum
balances, service charges, etc.). As of December 31, 2003, the Bank had $379.0
million in deposits and approximately 21,000 deposit accounts.
The Bank makes secured and unsecured loans to small and mid-sized
businesses and professionals in its market area. Because Somerville is the
county seat of Somerset County and home to Somerset Medical Center, the Bank is
uniquely positioned to provide loans and other services to the medical,
accounting and legal professionals. Bridgewater Township, Hillsborough Township,
Borough of Manville, Aberdeen Township and Edison Township are also areas of
significant small and mid-size business activity. The Bernards Township office
is located in a large residential development. The Warren Township branch is
located within a professional office complex in an area containing a number of
small professional offices, as well as, an affluent residential population.
2
Small and medium sized businesses, professionals and real estate
developers make up the primary focus of the Bank's lending efforts. The Bank is
a preferred SBA lender and as such it originates SBA loans and sells the
government guaranteed portion in the secondary market while retaining the
servicing of such loans. Secured and unsecured personal loans to finance the
purchase of consumer goods are also available. Residential and commercial
mortgages are also provided by the Bank.
Residential mortgages are currently written by the Bank with a three, five
or ten-year fixed rate which adjusts annually thereafter for the life of the
loan which may be up to 30 years. The Bank is an approved Federal National
Mortgage Association (FNMA) lender for origination and servicing of mortgages.
Long term fixed rate mortgages, meaning those with rates fixed more than ten
years, are originated through a third party on a fee for closed loans basis.
As of December 31, 2003, the Bank had approximately 3,200 loans of all
types totaling $268.5 million.
Other services provided by the Bank include wire transfers, safe deposit
boxes, money orders, traveler's cheques, direct deposit of payroll and social
security checks, ACH origination and Visa/MasterCard processing. The Bank has
eleven ATM machines and the Bank is a member of the STAR, PLUS and NYCE
networks.
The Bank offers customers access to their accounts through a telephone or
personal computer via the Internet at www.somersetvalleybank.com. Customers can
check balances, monitor account activity, make transfers and pay bills. A
MasterMoney (TM) debit card is also offered allowing customers to access funds
anywhere MasterCard is accepted.
The Bank's data processing services are provided by Fiserv, which is one
of the leading data processing service providers to financial institutions in
the United States. As such, the Bank has access to many banking products and
services that are technologically competitive with other Banks. Not all of these
services, however, are economically feasible to the Bank at this time.
During 2002, the Bank entered into an alliance with Linsco Private Ledger
which enables the Bank, through a dual employee arrangement, to obtain
commissions for the sale of variable annuities, mutual funds and other
investment products. In addition, there are individuals licensed in each of the
Bank's branches to sell fixed annuities through AIG. The dual employee is
available to the Bank on a full time basis. Approximately, $193,000 in gross
revenue was generated by the sale of these products in 2003.
3
Market Area
The Bank's primary market area is Central New Jersey with its facilities
located in Somerset, Middlesex, Monmouth and Hunterdon counties. Somerset
County, which is located midway between New York and Philadelphia, is
considered an affluent suburban area with significant commercial and residential
activity. A number of large national firms such as ATT, Metropolitan Life,
Aventis Pharmaceuticals and Johnson and Johnson companies locate their offices
in Somerset County. As of June 30, 2003, there were $5.7 billion in deposits in
Somerset County. The county is crisscrossed by five major highways including
interstate Routes 78 and 287 and U.S. Routes 22, 202 and 206, adding to its
desirability as a commercial center. A large regional shopping mall is located
in Bridgewater Township with several small shopping centers located throughout
the county. Bridgewater has also experienced significant commercial development
in an area where Routes 22, 202 and 287 meet, an area known as the "Golden
Triangle." The Bank has eight offices in Somerset County. As of June 30, 2003,
the Bank was ranked 7 of 27 banks in Somerset County in terms of total deposits
with 6.09% of the market.
The Bank operates an office in Edison Township located in Middlesex
County. This is an area of significant commercial and residential activity. As
of June 30, 2003, the Bank was ranked 44 of 47 banks in Middlesex County with
..04% of the $27.8 billion market. The Bank plans to open offices in Metuchen and
South Plainfield in Middlesex County in 2004.
A branch office is located in Aberdeen Township in Monmouth County. As of
June 30, 2003, the Bank was ranked 29 of 32 banks with 0.13% of this $12.7
billion market in terms of deposits.
The Bank also obtains business from adjacent counties of Hunterdon, Mercer
and Morris. The Bank recently opened its Reading Ridge office and plans to open
another branch in Flemington in Hunterdon County in 2004.
Competition
All phases of the Bank's business are highly competitive. The Bank's
competition ranges from three large regional institutions and a large New Jersey
based bank with seven day per week banking hours to mid-sized and smaller
institutions, as well as, banks which have opened within the last five years.
Competition also arises from insurance companies and securities brokerage
companies which offer banking services. One of these companies has a banking
subsidiary with 44% of the Middlesex County market.
The Bank currently has one location in Middlesex, Monmouth and Hunterdon
counties, which currently places it at somewhat of a competitive disadvantage
with banks who have multiple locations in these areas.
The Bank competes for loans with much larger banking institutions where
interest rates have become a competitive factor in the record low interest rate
environment of 2001-2003. Management of the Bank believes that loans to small
and mid-size businesses and professionals are not always of primary importance
to the larger banking institutions, whereas they represent the main commercial
loan business of the Bank. The Bank can compete for this segment of the market
because it provides responsive personalized services, local decision making and
knowledge of its customers and their businesses.
By virtue of their greater total capital, certain commercial banks have
substantially higher lending limits. These banks can also finance broad
advertising campaigns and with lower average
4
overhead ratios can be very competitive in pricing. Accordingly, there are
certain borrowers that the Bank will not be able to service and others who will
be reached by the more extensive advertising of larger competing banks. The
Bank's current lending limit is $4.7 million to any one borrower.
Employees
At December 31, 2003, the Company employed 98 full time and 17 part time
employees.
ITEM 2. PROPERTIES.
On June 26, 2003, the Bank executed a contract for sale of real estate
with 103 West End Associates, L.P., a New Jersey limited partnership, consisting
of among others all but one of the Company's Directors. The contract was for the
purchase by the Bank of 103 West End Avenue and the adjacent 117 West End
Avenue, Somerville, New Jersey, which are currently utilized by the Company as
its Main Office banking facility. The contract was subject to the approval of
the New Jersey Department of Banking and Insurance, which must approve all real
estate transactions between a State non-member bank and affiliated persons. The
approval dated August 14, 2003 was received by the Bank on August 21, 2003.
Prior to the signing of the contract, independent real estate appraisals
were contracted by both the Management of the Bank and 103 West End Associates,
L.P. These were submitted to the Department of Banking and Insurance as part of
the application for approval. The sale of the properties was concluded on
December 10, 2003 at the agreed upon price of $1,328,000.
The Hillsborough office located at Nelson's Corner Shopping Center at the
intersection of Route 206 and Amwell Road, Hillsborough Township, New Jersey, is
leased from an unaffiliated partnership. The lease for the Nelson's Corner
location expires in 2011 with a ten-year option to renew.
The Bridgewater office located at 481 North Bridge Street, Bridgewater,
New Jersey, is leased from an unaffiliated partnership expiring in 2007, with
four five-year renewal options.
The Gaston Avenue office is located at 91 North Gaston Avenue, Somerville,
New Jersey. The Company owns the building and the land is leased with a lease
expiring in 2006 from an unaffiliated third party.
The Arbor Glen office located at 100 Monroe Street, Bridgewater, New
Jersey, has a lease from an unaffiliated third party with a term of five years
expiring in 2006, with two five-year renewal options.
The Manville office located at 40 North Main Street, Manville, New Jersey
has a lease on the land from an unaffiliated third party. The lease expires in
2023, with an initial ten-year renewal option and five additional five-year
renewal options.
The Aberdeen office is located at 1147 State Highway 34, Aberdeen, New
Jersey. The lease has an initial term of ten years and five five-year renewal
options through 2033 from an unaffiliated third party.
The Bernards Township office at the Bernards Village Center at the
intersection of Allen and Hanson Roads in Bernards Township, New Jersey, is
leased from an unaffiliated third party. The initial term of the lease is
fifteen years, expiring in 2013, with three five five-year renewal options.
5
The Edison office is located at 1943 Oak Tree Road, Edison, New Jersey and
is leased from an unaffiliated third party. The term of the lease is seven
years, expiring in 2006, with four five-year renewal options.
The Bank's Executive Offices, Operations Center and Lending Department are
located at 70 East Main Street, Somerville, New Jersey. This office space is
leased from an unaffiliated third party. The amended lease has a term of seven
years, expiring in 2009, with two five-year renewal options.
The Warren branch is located at 34 Mountain Boulevard, Building C, Warren,
New Jersey and is leased from a partnership, which consists of among others one
of the Company's directors, Mr. Donald Sciaretta. The initial term is ten years,
expiring in 2012, with two five-year renewal options.
The Reading Ridge branch is located at 8 Reading Ridge Road, Raritan
Township, New Jersey. The initial term of the lease is five years with
three five-year options to renew.
The Bank has leases for the following Bank sites which will open during
2004 and 2005. The initial term of these leases will begin when the branches
open. All of these leases are with unaffiliated third parties.
The Metuchen branch will be located at 700 Middlesex Avenue, Metuchen, New
Jersey. The lease has an initial term of twenty-five years with a ten-year
option to renew.
The Route 31 Flemington office will be located at 196 Route 31, Raritan
Township, New Jersey. The lease will have an initial term of thirty years with
four five-year renewal options.
The South Plainfield branch will be located at Hadley Center Drive and
Stelton Road in South Plainfield, New Jersey. The initial term of the lease will
be twenty-five years with one fifteen-year renewal option.
ITEM 3. LEGAL PROCEEDINGS.
The Company is periodically a party to or otherwise involved in legal
proceedings arising in the normal course of business, such as claims to enforce
liens, claims involving the making and servicing of real property loans, and
other issues incidental to the Company's business. There are no pending legal
proceedings to which the Company is a party nor has it been threatened with any
litigation other than routine litigation incidental to the business. Management
does not believe that there is any pending or threatened proceeding against the
Company which, if determined adversely, would have a material effect on the
business or financial position of the Company.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No matters were submitted for a vote of the Registrant's shareholders
during the fourth quarter of 2003.
6
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.
The common stock of the Company is traded on the NASDAQ National Market
System under the trading symbol SVBF. Following are the high and low prices for
2003 and 2002:
2003 2002
------------------ ------------------
High Low High Low
------ ------ ------ ------
First Quarter $16.67 $13.90 $12.54 $ 9.07
Second Quarter $16.90 $14.95 $12.61 $10.09
Third Quarter $16.18 $15.25 $14.34 $10.21
Fourth Quarter $17.27 $15.32 $17.10 $14.15
These prices were based on the NASDAQ closing prices and adjusted for the
effects of stock dividends.
There are approximately 408 registered holders of the Company's common
stock.
The Company has paid a 5% stock dividend annually since 1999. The Company
has never paid a cash dividend and there are no plans to pay a cash dividend at
this time. The Company will retain its earnings in order to provide capital for
the growth of the Bank.
The following table depicts information regarding the Company's Equity
Compensation Plan:
Number of securities
Number of Weighted- remaining available for
securities to be average exercise future issuance under
issued upon price of equity compensation
exercise of outstanding plans (excluding
As of outstanding options, options, warrants securities reflected in
December 31, 2003 warrants, and rights and rights column (a))
- ------------------------- -------------------- ----------------- -----------------------
Equity compensation plans 318,422 $12.27 145,630
approved by security
holders
Equity compensation plans None None None
not approved by security
holders
------- ------ -------
Total 318,422 $12.27 145,630
======= ====== =======
7
ITEM 6. SELECTED FINANCIAL DATA.
This information is incorporated by reference from the Company's 2003
Annual Report on page 2 under the caption "Selected Consolidated Financial
Information."
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
The Consolidated Financial Statements, Notes to Consolidated Financial
Statements and Independent Auditors Report thereon is incorporated by reference
from pages 27-42 of the 2003 Annual Report to Shareholders.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
This information is incorporated by reference from the Company's 2003
Annual Report to Shareholders on pages 38-41 under the caption "Asset and
Liability Management and Interest Rate Sensitivity Analysis."
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
This information is incorporated by reference from the Company's 2003
Annual Report to Shareholders on pages 4-26 under the caption "Selected
Consolidated Financial Information."
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
None
ITEM 9A. CONTROLS AND PROCEDURES.
We maintain disclosure controls and procedures that are designed to ensure
that information required to be disclosed in our Exchange Act reports is
recorded, processed, summarized and reported within the time periods specified
in the SEC's rules and forms, and that such information is accumulated and
communicated to our management, including our Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow timely decisions regarding required
disclosure. In designing and evaluating the disclosure controls and procedures,
management recognizes that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the
desired control objectives and management necessarily is required to apply its
judgment in evaluating the cost-benefit relationship of possible controls and
procedures.
As of the end of the period covered by this report, we carried out an
evaluation, under the supervision and with the participation of our management,
including our Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of our disclosure controls and
procedures. Based on the foregoing, our Chief Executive Officer and the Chief
Financial Officer concluded that the Company's disclosure controls and
procedures are effective.
8
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
The information required by this item is incorporated by reference from
pages 7-10 under the caption "Directors/Principal Shareholders/Executive
Officers and Director Committees" of the Company's Proxy Statement for its 2004
Annual Meeting of Shareholders.
Disclosure regarding delinquent filings under Section 16 (a) of the
Exchange Act is incorporated by reference to page 5 of the Company's
Proxy Statement for its 2004 Annual Meeting, under the caption "Section
16(a) Beneficial Ownership Reporting Compliance."
ITEM 11. EXECUTIVE COMPENSATION.
This information required by this item is incorporated by reference from
pages 7-11 under the caption "Executive Compensation" of the Company's Proxy
Statement for its 2004 Annual Meeting of Shareholders.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS.
The information required by this item is incorporated by reference from
pages 2-4 under the caption "Directors/Principal Shareholders/Executive
Officers" of the Company's Proxy Statement for its 2004 Annual Meeting of
Shareholders.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
This information required by this item is incorporated by reference from
page 12 under the caption "Certain Relationships and Related Transactions" of
the Company's Proxy Statement for its 2004 Annual Meeting of Shareholders.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The Company's principal accountant is Grant Thornton LLP ("Grant
Thornton"). The total fees paid to Grant Thornton for the last two fiscal years
are as follows:
Fiscal Year Ended Fiscal Year Ended
December 31, 2003 December 31, 2002
----------------- -----------------
Audit Fees
Audit Related Fees
Professional services rendered for
employee benefit plan audits, accounting
assistance in connection with acquisitions
and consultations related to financial
accounting and reporting standards $39,225.00 $52,271.00
Tax Fees 14,905.00 16,550.00
All Other Fees
Professional services rendered for
corporate support 0 0
9
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
(a) Financial Statements and Financial Statement Schedules
The following documents are filed as part of this report:
1. Financial Statements of SVB Financial Services, Inc.:
Consolidated Balance Sheets - December 31, 2003 and 2002
Consolidated Statements of Income - Years Ended December 31, 2003,
2002 and 2001
Consolidated Statements of Changes in Shareholders' Equity and
Comprehensive Income - Years Ended December 31, 2003, 2002 and
2001
Consolidated Statements of Cash Flows - Years Ended December 31,
2003, 2002 and 2001
Report of Independent Certified Public Accountants
These statements are incorporated by reference to the Company's Annual
Report to Shareholders for the year ended December 31, 2003.
2. All schedules are omitted because either they are inapplicable or
not required, or because the information required therein is
included in the Consolidated Financial Statements and Notes thereto.
3. Exhibits
Exhibit
Number Description
-------- -----------------------------------------------------
3(i) Certificate of Incorporation(1)
3(ii) By-Laws(1)
4.1 Specimen Stock Certificate (1)
4.2 Pages 3, 4, 5, 6, 7, 8, 9, 10 and 11 from the
Certificate of Incorporation of SVB Financial
Services, Inc. (1)
4.3 Pages 1, 2, 3, 9, 10, 11, 14 and 15 from the By-Laws
of SVB Financial Services, Inc. (1)
10.1 Employment Agreements (1)
10.2 SVB Financial Services, Inc. Nonstatutory Stock
Option Plan (2)
10.3 SVB Financial Services, Inc. Restated Incentive Stock
Option Plan (3)
10.4 Somerset Valley Bank Deferred Compensation Plan
10.5 SVB Financial Services, Inc. 2000 Incentive Stock
Option Plan (4) (8)
10.6 SVB Financial Services, Inc. 2000 Directors Stock
Option Plan (5)
10.7 SVB Financial Services, Inc. 2001 Advisory Board
Stock Grant Plan (6)
10.8 SVB Financial Services, Inc. 2003 Directors Stock
Option Plan (7)
13 Annual Report to Security Holders
20 Proxy Statement for the 2004 Annual Meeting of
Shareholders
23 Consent of Independent Certified Public Accountants
10
(1) Incorporated by reference to the Company's Registration
Statement on SB-2.
Registration Number 333-12305.
(2) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-66131.
(3) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-66165.
(4) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-40778.
(5) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-40754.
(6) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-76948.
(7) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-113106.
(8) Incorporated by reference to the Company's Registration
Statement on Form S-8.
Registration Number 333-113105.
(b) Reports on Form 8-K
A Form 8-K was filed on October 15, 2003 under Item 5 "News Release"
including:
Copy of press release announcing third quarter earnings.
A Form 8-K was filed on October 31, 2003 under Item 5 "News Release"
including:
Copy of press release announcing stock dividend.
A Form 8-K was filed on December 18, 2003 under Item 5 "Other
Events"
Announcing resignation of Director Raymond L. Hughes.
11
SVB FINANCIAL SERVICES, INC.
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- -----------------------------------------------------------
13 Annual Report to Shareholders
20 Proxy Statement for the 2004 Annual Meeting of Shareholders
23 Consent of Independent Certified Public Accountants
31 Certifications
32 906 Certification
12
SIGNATURES
I, Robert P. Corcoran, hereby certify that the periodic report being filed
herewith containing financial statements fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934 (16 U.S. C. 78m or
78o(d)) and that information contained in said periodic report fairly presents,
in all material respects, the financial condition and results of operations of
SVB Financial Services, Inc. for the period covered by said periodic report.
SVB FINANCIAL SERVICES, INC.
(Registrant)
/s/ Robert P. Corcoran
--------------------------------
Robert P. Corcoran
Chief Executive Officer
I, Keith B. McCarthy, hereby certify that the periodic report being filed
herewith containing financial statements fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934 (16 U.S.C.78m or
78o(d)) and that information contained in said periodic report fairly presents,
in all material respects, the financial condition and results of operations of
SVB Financial Services, Inc. for the period covered by said periodic report.
SVB FINANCIAL SERVICES, INC.
(Registrant)
/s/ Keith B. McCarthy
--------------------------------
Keith B. McCarthy
Chief Financial Officer
Chief Accounting Officer
Dated: March 18, 2004
13
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signature Capacity Date
- -------------------------- ----------------------- ---------------
/s/ John K. Kitchen
- -------------------------- Director and March 18, 2004
John K. Kitchen Chairman of the Board
/s/ Robert P. Corcoran
- -------------------------- President, C.E.O., March 18, 2004
Robert P. Corcoran Director and Vice
Chairman of the Board
/s/ Keith B. McCarthy
- -------------------------- Chief Operating Officer March 18, 2004
Keith B. McCarthy and Treasurer
/s/ Bernard Bernstein
- -------------------------- Director March 18, 2004
Bernard Bernstein
/s/ Willem Kooyker
- -------------------------- Director March 18, 2004
Willem Kooyker
/s/ Frank Orlando
- -------------------------- Director March 18, 2004
Frank Orlando
/s/ Gilbert E. Pittenger
- -------------------------- Director March 18, 2004
Gilbert E. Pittenger
/s/ Frederick D. Quick
- -------------------------- Director March 18, 2004
Frederick D. Quick
17
Signature Capacity Date
- -------------------------- ----------------------- ---------------
/s/ Anthony J. Santye, Jr.
- -------------------------- Director March 18, 2004
Anthony J. Santye, Jr.
/s/ Donald Sciaretta
- -------------------------- Director March 18, 2004
Donald Sciaretta
/s/ Herman C. Simonse
- -------------------------- Director March 18, 2004
Herman C. Simonse
/s/ Donald R. Tourville
- -------------------------- Director March 18, 2004
Donald R. Tourville
18