RTTNews | Mar 22, 2021 11:07PM EDT

23:07 Monday, March 22, 2021 (RTTNews.com) - SVB Financial Group (SIVB) said Monday that it has priced its underwritten public offering of 2 million shares of its common stock at $500.00 per share for expected gross proceeds of about $1 billion before underwriting discounts and commissions and offering expenses.

SVB has also granted the underwriters an option to purchase up to an additional 300,000 shares of its common stock to cover over-allotments.

The company plans to use the net proceeds from the offering for general corporate purposes, including supporting capital ratios at SVB and its subsidiary bank, Silicon Valley Bank.

The offering is expected to close on March 25, 2021.

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