UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 000-22407
SVB Financial Services, Inc.
(Exact name of registrant as specified in its charter)
New Jersey 22-3438058
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
70 East Main Street, Somerville, New Jersey 08876
(Address of principal executive officers) (Zip Code)
(908) 541-9500
(Registrant's telephone number, including area code)
58-72 East Main Street, Somerville, New Jersey 08876
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 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.
( X ) Yes ( ) No
As of August 3, 2000, there were 2,958,526 shares of common stock, $2.09 par
value outstanding.
<PAGE>
SVB FINANCIAL SERVICES, INC.
----------------------------
FORM 10-QSB
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1 - Financial Statements and Notes to Consolidated Financial
Statements
ITEM 2 - Management's Discussion and Analysis of Financial Condition
and Results of Operations
PART II - OTHER INFORMATION
ITEM 1 - Legal Proceedings
ITEM 2 - Changes in Securities
ITEM 3 - Defaults Upon Senior Securities
ITEM 4 - Submission of Matters to a Vote of Security Holders
ITEM 6 - Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
SVB FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
June 30, 2000 and December 31, 1999
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
------------------ ------------------
(Unaudited)
(in thousands)
ASSETS
<S> <C> <C>
Cash & Due from Banks $ 11,392 $ 7,028
Federal Funds Sold 6,050 2,400
Other Short Term Investments 56 -
------------------ ------------------
Total Cash and Cash Equivalents 17,498 9,428
------------------ ------------------
Interest Bearing Time Deposits 7,086 5,283
Securities
Available for Sale, at Fair Value 27,413 26,377
Held to Maturity 4,503 5,122
Equity Securities 839 839
------------------ ------------------
Total Securities 32,755 32,338
------------------ ------------------
Loans 165,700 153,151
Allowance for Loan Losses (1,690) (1,550)
Unearned Income (165) (176)
------------------ ------------------
Net Loans 163,845 151,425
------------------ ------------------
Premises & Equipment, Net 4,839 4,789
Other Assets 3,328 2,844
------------------ ------------------
Total Assets $229,351 $206,107
================== ==================
LIABILITIES & SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Demand
Non-interest Bearing $ 38,075 $ 32,020
NOW Accounts 35,339 27,025
Savings 17,730 16,618
Money Market Accounts 26,385 25,446
Time
Greater than $100,000 13,171 13,486
Less than $100,000 81,335 74,967
------------------ ------------------
Total Deposits 212,035 189,562
------------------ ------------------
Obligation Under Capital Lease 429 432
Other Liabilities 843 749
------------------ ------------------
Total Liabilities 213,307 190,743
------------------ ------------------
SHAREHOLDERS' EQUITY
Common Stock $2.09 Par Value: 20,000,000 6,184 6,158
Shares Authorized; 2,958,526 Shares in 2000 and
2,946,556 Shares in 1999 Issued and Outstanding
Additional Paid-in Capital 6,536 6,496
Retained Earnings 3,826 3,215
Accumulated Other Comprehensive Loss (502) (505)
------------------ ------------------
Total Shareholders' Equity 16,044 15,364
------------------ ------------------
Total Liabilities and Shareholders' Equity $229,351 $206,107
================== ==================
</TABLE>
<PAGE>
SVB FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
For the Period Ended June 30, 2000 1999 2000 1999
----------------- ------------------ ------------------ -------------
(in thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME
<S> <C> <C> <C> <C>
Loans $ 3,716 $ 2,806 $ 7,126 $ 5,428
Securities Available for Sale 419 366 814 678
Securities Held to Maturity 70 124 143 328
Dividends on Equity Securities 10 0 20 0
Other Short Term Investments 1 1 1 139
Interest Bearing Time Deposits 106 76 194 9
Federal Funds Sold 66 74 139 158
----------------- ------------------ ------------------ -------------
Total Interest Income 4,388 3,447 8,437 6,740
----------------- ------------------ ------------------ -------------
INTEREST EXPENSE
Deposits 1,875 1,461 3,610 2,929
Federal Funds Purchased 0 1 0 2
Obligation Under Capital Lease 9 9 18 18
----------------- ------------------ ------------------ -------------
Total Interest Expense 1,884 1,471 3,628 2,949
----------------- ------------------ ------------------ -------------
Net Interest Income 2,504 1,976 4,809 3,791
PROVISION FOR LOAN LOSSES 85 100 180 180
----------------- ------------------ ------------------ -------------
Net Interest Income after Provision For Loan Losses 2,419 1,876 4,629 3,611
----------------- ------------------ ------------------ -------------
OTHER INCOME
Service Charges on Deposit Accounts 136 92 258 172
Gains on the Sale of Loans 6 51 72 84
Losses on the Sale of Securities Available for Sale 0 (6) 0 (5)
Other Income 57 39 112 90
----------------- ------------------ ------------------ -------------
Total Other Income 199 176 442 341
----------------- ------------------ ------------------ -------------
OTHER EXPENSE
Salaries and Employee Benefits 1,034 794 2,031 1,537
Occupancy Expense 312 210 612 413
Equipment Expense 127 106 234 207
Other Expenses 602 493 1,223 930
----------------- ------------------ ------------------ -------------
Total Other Expense 2,075 1,603 4,100 3,087
----------------- ------------------ ------------------ -------------
Income Before Provision for Income Taxes 543 449 971 865
Provision for Income Taxes 206 168 360 316
----------------- ------------------ ------------------ -------------
Net Income $ 337 $ 281 $ 611 $ 549
================= ================== ================== =============
EARNINGS PER SHARE - Basic (1) $0.11 $0.10 $0.21 $0.19
================= ================== ================== =============
EARNINGS PER SHARE - Diluted (1) $0.11 $0.10 $0.20 $0.18
================= ================== ================== =============
</TABLE>
(1) Amounts have been restated for stock splits and stock dividends.
<PAGE>
SVB FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
For the Period Ended June 30,
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
2000 1999 2000 1999
---------------- ---------------- ---------------- ---------------
(in thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net Income $ 337 $ 281 $ 611 $ 549
Other Comprehensive Income, Net of Tax
Unrealized Gains/(Losses) Arising in
the Period 68 (256) 3 (327)
---------------- ---------------- ---------------- ---------------
Comprehensive Income $ 405 $ 25 $ 614 $ 222
================ ================ ================ ===============
</TABLE>
<PAGE>
SVB FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
For the Period Ended June 30,
<TABLE>
<CAPTION>
2000 1999
------------------- ------------------
(in thousands) (Unaudited) (Unaudited)
OPERATING ACTIVITIES
<S> <C> <C>
Net Income $ 611 $ 549
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Provision for Loan Losses 180 180
Depreciation and Amortization 280 219
Amortization/( Accretion) of Securities Discount 5 (33)
Losses on the Sale of Securities Available for Sale 0 5
Gains on the Sale of Loans (72) (84)
(Increase)/Decrease in Other Assets (491) 16
Increase/(Decrease) in Other Liabilities 94 (46)
(Decrease)/Increase in Unearned Income (11) 21
------------------- ------------------
Net Cash Provided By Operating Activities 596 827
------------------- ------------------
INVESTING ACTIVITIES
Increase in Interest Bearing Time Deposits (1,803) (1,593)
Proceeds from Sale of Securities Available for Sale 0 4,006
Proceeds from Maturities of Securities
Available for Sale 1,954 3,504
Held to Maturity 1,093 12,200
Purchases of Securities
Available for Sale (2,991) (11,841)
Held to Maturity (475) (3,797)
Increase in Loans, Net (12,517) (14,280)
Capital Expenditures (323) (1,089)
------------------- ------------------
Net Cash Used for Investing Activities (15,062) (12,890)
------------------- ------------------
FINANCING ACTIVITIES
Net Increase in Demand Deposits 14,369 9,577
Net Increase in Savings Deposits 1,112 669
Net Increase in Money Market Deposits 939 2,635
Net Increase in Time Deposits 6,053 484
Decrease in Obligation Under Capital Lease (3) (3)
Proceeds from the Issuance of Common Stock, Net 66 65
------------------- ------------------
Net Cash Provided by Financing Activities 22,536 13,427
------------------- ------------------
Increase in Cash and Cash Equivalents 8,070 1,364
Cash and Cash Equivalents, Beginning of Year 9,428 19,648
------------------- ------------------
Cash and Cash Equivalents, End of Period $ 17,498 $ 21,012
=================== ==================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash Paid During the Period for Interest $ 3,592 $ 2,944
=================== ==================
Cash Paid During the Period for Federal Income Taxes $ 395 $ 360
=================== ==================
</TABLE>
<PAGE>
SVB FINANCIAL SERVICES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2000 (UNAUDITED)
1. SVB Financial Services, Inc., (the "Company"), a bank holding company, was
incorporated on February 7, 1996 with authorized capital of 10,000,000 shares of
$4.17 par value common stock. On September 3, 1996, the Company acquired 100
percent of the shares of Somerset Valley Bank (the "Bank") by exchanging 6
shares of its Common Stock for each 5 shares of the Bank. This exchange has been
accounted for as a reorganization of entities under common control, similar to a
pooling of interests, which resulted in no changes to the underlying carrying
amounts of assets and liabilities. Effective April 16, 1998, the Company
declared a 2 for 1 stock split, resulting in a $2.09 par value common stock.
Effective November 19, 1999, the Company paid a 5% stock dividend. All financial
statements have been restated to reflect this.
The consolidated financial statements included herein have been prepared
without an audit pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such rules and regulations.
The accompanying condensed consolidated financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented. Such adjustments are
of a normal recurring nature. These consolidated condensed financial statements
should be read in conjunction with the audited financial statements and the
notes thereto. The results for the six months ended June 30, 2000 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 2000.
The consolidated financial statements include the accounts of Somerset
Valley Bank. All significant inter-company accounts and transactions have been
eliminated.
2. Loans
At June 30, 2000 and December 31, 1999 the composition of outstanding loans
is summarized as follows:
June 30, December 31,
2000 1999
----------- -------------
(in thousands)
Secured by Real Estate:
Residential Mortgage $ 44,596 $ 41,727
Commercial Mortgage 44,776 48,349
Construction 10,780 11,943
Commercial and Industrial 44,351 32,628
Loans to Individuals for Automobiles 7,055 7,907
Loans to Individuals 13,581 10,062
Other Loans 561 535
---------- -------------
$165,700 $ 153,151
========== =============
There were no loans restructured during 2000 or 1999. There were no loans
past due 90 days or more and still accruing at June 30, 2000 or at December 31,
1999. Loans in a non-accrual status totaled $552,000 at June 30, 2000 and
$692,000 at December 31, 1999.
<PAGE>
3. Allowance for Loan Losses
The allowance for loan losses is based on estimates and ultimate losses may
vary from the current estimates. These estimates are reviewed periodically and
as adjustments become necessary, they are reflected in operations in the period
in which they become known. An analysis of the allowance for loan losses is as
follows:
Six months
Ended Year Ended
June 30, December 31,
2000 1999
(in thousands) --------------- --------------
Balance January 1, $ 1,550 $ 1,211
Provision Charged to Operations 180 440
Charge Offs (51) (115)
Recoveries 11 14
--------------- --------------
Balance End of Period $ 1,690 $ 1,550
=============== ==============
4. New Accounting Pronouncement
In June 1998, SFAS No. 133, "Accounting for Derivative Instruments and
Hedging Activity." was issued. Subsequent to this statement, SFAS No. 137 was
issued, which amended the effective date of SFAS No. 133 to be all fiscal
quarters of all fiscal years beginning after June 15, 2000. Based on the
Company's minimal use of derivatives at the current time, management does not
anticipate the adoption of SFAS No. 133 will have a significant impact on
earnings or the financial position of the Company. However, the impact from
adopting SFAS No. 133 will depend on the nature and purpose of the derivative
instruments in use by the Company at that time.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Management of SVB Financial Services, Inc. (the "Company") is not aware of
any known trends, events or uncertainties that will have or are reasonably
likely to have a material effect on the Company's liquidity, capital resources
or results of operations. The following discussion and analysis should be read
in conjunction with the detailed information and consolidated financial
statements, including notes thereto, included elsewhere in this report. The
consolidated financial condition and results of operations of the Company are
essentially those of the Bank. Therefore, the analysis that follows is directed
to the performance of the Bank. Such financial condition and results of
operations are not intended to be indicative of future performance.
In addition to historical information, this discussion and analysis
contains forward-looking statements. The forward-looking statements contained
herein are subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected in the forward-looking
statements. Important factors that might cause such a difference include, but
are not limited to, those discussed in the section entitled "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
Readers are cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as the date hereof. The
Company undertakes no obligation to publicly revise or update these
forward-looking statements to reflect events or circumstances that arise after
the date hereof.
<PAGE>
Non Banking Products and Affiliations
-------------------------------------
The Company has formed a joint venture subsidiary, Somerset Valley
Financial LLC, with International Planning Alliance of Somerset, New Jersey.
This arrangement will allow the Bank to share in revenues through the sale of
life insurance, medical insurance, financial planning, executive benefits and
retirement products. Currently, five Bank employees are licensed to sell
insurance.
Additionally, the Company has entered into an agreement with National
Discount Brokers to provide an Internet link that will enable our customers to
carry out discounted trading from our website. The Company shares in revenue
based on the number of users as well as transaction volume.
Results of Operation
--------------------
Net income for the first six months of 2000 was $611,000, an increase of
$62,000 or 11% as compared to the same period in 1999. Earnings per share-Basic
were $.21 in 2000 and $.19 in 1999. Earnings per share- Diluted were $.20 in
2000 and $.18 in 1999.
A detailed discussion of the major components of net income follows:
Net Interest Income
-------------------
Net interest income for the first six months of 2000 was $4.8 million
compared to $3.8 million in 1999, an increase of $1.0 million or 27%.
Almost all of the increase can be attributed to an increase in average
earnings assets. Average earning assets for the first six months of 2000 were
$202.3 million an increase of $26.4 million or 15% from the first six months of
1999. Loans averaged $159.3 million during the six months of 2000, an increase
of $31.0 million from the same period last year. The increase in loan balances
caused interest income to increase $1.4 million. Partially offsetting this
increase, securities averaged $31.9 million, a decrease of $3.5 million from
1999. The yield on loans increased from 8.53% in 1999 to 9.00% for the first six
months of 2000. This was the result of an increase of 175 basis points in the
prime rate since the second quarter of 1999. The increase in yield caused
interest income on loans to increase $314,000. Overall, interest income
increased $1.7 million. The yield on earning assets was 8.39% in 2000 and 7.73%
for 1999.
The overall cost of interest-bearing liabilities increased from 4.21% to
4.34%. Average interest bearing deposits increased $26.9 million during the six
months of 2000 to $167.6 million, of which time deposits accounted for 37% of
this increase. The increase in deposits caused interest expense to increase
$495,000. Overall, interest expense increased $679,000 and the cost of funding
earning assets increased from 3.38% in 1999 to 3.61% in 2000.
The net result of the change in net interest income for the first six
months of 2000 versus the first six months of 1999 was an increase of $1.0
million. The net interest margin increased 43 basis points from 4.35% to 4.78%.
Provision for Loan Losses
-------------------------
The provision for loan losses was $180,000 in the first six months of 2000
as well as 1999.
<PAGE>
Other Income
------------
The Company has placed an emphasis on improving its fee income over the
past twelve months.
During the first six months of 2000, other income increased $101,000 or 30%
over the same period in 1999. Service charges on deposit accounts increased
$86,000 or 50% from the same period last year. The growth in the number of
commercial and consumer checking accounts as well as a change in the service
charge pricing structure contributed to the additional service charge income.
Foreign transaction fees at the Company's ATM machines and service charge on
personal checking accounts accounted for 23% and 18% of the increase in service
charges respectively.
Gains on the sale of SBA loans decreased $30,000. The Company is a
preferred SBA lender and, as such, originates SBA loans and sells the government
guaranteed portions in the secondary market while retaining the servicing. The
amount of gains recognized on SBA loans is dependent on the volume of new SBA
loans generated each quarter. The Company also earned $18,000 for the sale of
mortgage loans. Overall, gains on the sale of loans decreased $12,000. These
amounts can vary greatly from quarter to quarter and from year to year.
Offsetting the decrease in loan sales, fees related to the servicing of SBA
loans as described increased 31% over the same period for last year.
Other income increased $22,000 or 24% compared to 1999. Visa/MasterCard
processing income represents 48% of the increase.
Other Expense
-------------
Other expenses for the six months ended June 30, 2000 increased $1.0
million or 33% from the same period in 1999. During the first quarter of 2000,
the Company opened two new branches, one located on State Highway 34 in Aberdeen
and one on Allen Road in Bernards. Expenses directly charged to the opening of
these branches exceeded $375,000 in the six months of 2000. In addition, total
assets have grown $30.5 million or 15% since June 30, 1999. Because of the
growth in assets and the addition of branches, the Company has also had to hire
additional lending and back-office personnel to better service its customer
base. These additions combined with normal salary increases caused salary and
benefits expense to increase $494,000 or 32% from last year. Rent on the newly
opened locations and the relocation of the executive offices and operation
center in the last quarter of 1999 coupled with increased depreciation on other
facilities resulted in a $199,000 or 48% increase in occupancy expenses. Other
expenses increased $293,000 or 32% over the same period last year. Included in
this are the following items. Outside services and data processing increased by
$145,000 or 39% over the six months last year. Included in this increase are
website expenses of $6,000. Purchases of supplies for new employees and the
additional branches increased supplies expense $24,000 or 23% from last year.
Advertising and business development expenses increased $55,000 or 55%. Most of
this increase was related to the opening of the two new branches during the
first quarter of 2000.
Financial Condition
June 30, 2000 compared to December 31, 1999
-------------------------------------------
Total assets increased $23.2 million or 11% from December 31, 1999. Total
loans increased $12.5 million. Loans secured by real estate decreased $1.9
million. Commercial mortgages and construction loans decreased by $3.6 million
and $1.2 million respectively. Offsetting this, residential mortgages increased
by $2.9 million and other commercial loans increased $11.7 million as a result
of increased demand and economic growth in the central New Jersey area. Loans to
individuals increased $2.7 million.
<PAGE>
Deposits increased $22.5 million or 12% during the first six months of
2000. Most categories of deposits improved during this period with NOW accounts
growing by $8.3 million followed by certificates of deposits less than $100,000
accounts growing by $6.4 million. The Company prices its certificates of
deposits aggressively in relation to its competition.
Investment securities increased $400,000 for the period.
Asset Quality
-------------
There were no loans past due 90 days or more and still accruing as of June
30, 2000 or December 31, 1999.
Loans in a non-accrual status totaled $552,000 at June 30, 2000 and
$692,000 at December 31, 1999 and represented .33% of total loans as of June 30,
2000 and .45% as of December 31, 1999.
The Company had no other real estate owned at June 30, 2000.
Allowance for Loan Losses
-------------------------
The allowance for loan losses is maintained at a level considered adequate
to provide for potential loan losses. The level of the allowance is based on
management's evaluation of potential losses in the portfolio, after
consideration of risk characteristics of the loans and prevailing and
anticipated economic conditions. The allowance is increased by provisions
charged to expense and reduced by charge-offs, net of recoveries.
At June 30, 2000, the allowance for loans losses was $1,690,000 and
represented 1.02% of total loans and 306.16% of non-performing loans compared to
an allowance for loan losses at December 31, 1999 of $1,550,000 or 1.01% of
total loans and 223.99% of non-performing loans at December 31, 1999.
Charge-offs for the first six months of 2000 totaled $51,000 compared to
$115,000 for the year ended December 31, 1999.
Capital Resources
-----------------
Total Shareholders' Equity was $16,044,000 at June 30, 2000 compared to
$15,364,000 at December 31, 1999.
Under the FDIC Improvement Act of 1991, banks are required to maintain a
minimum ratio of total capital to risk based assets of 8% of which at least 4%
must be in the form of Tier I Capital (primarily Shareholders' Equity). The
following are the Company's capital ratios at the end of the periods indicated.
June 30, December 31,
2000 1999
-------------- --------------
Tier I Capital to Risk Weighted Assets 8.59% 9.21%
Total Capital to Risk Weighted Assets 9.53% 10.17%
Leverage Ratio 6.97% 7.56%
Liquidity
---------
Cash and Cash Equivalents totaled $17.5 million at June 30, 2000 an
increase of $8.1 million, since December 31, 1999.
<PAGE>
The increase in Cash and Cash Equivalents was primarily attributable to an
increase in deposits which contributed to an increase in cash provided by
financing activities of $22.5 million. Demand deposits and certificate of
deposits experienced the largest increases for the six month period of $14.4
million and $6.1 million respectively.
An increase in loans and interest-bearing time deposits resulted in net
cash used for investing activities of $15.1 million.
ITEM 3 - MARKET RISK
The Company's market risk is primarily its exposure to interest rate risk.
Interest rate risk is the effect that changes in interest rates have in future
earnings. The principal objective in managing interest rate risk is to maximize
net interest income within the acceptable levels of risk that have been
previously established by policy.
Please refer to pages 28-30 "Interest Rate Sensitivity Analysis" in the
1999 Annual Report. There has been no material changes in market risk since the
date of that report.
<PAGE>
PART II-OTHER INFORMATION
Item 1 - Legal Proceedings
-----------------
The Company is party in the ordinary course of business to
litigation involving collection matters, contract claims and other
miscellaneous causes of action arising from its business. Management
does not consider that such proceedings depart from usual routine
litigation and, in its judgment, the Company's financial position
and results of operations will not be affected materially by such
proceedings.
Item 2 - Changes in Securities
---------------------
None.
Item 3 - Defaults upon Senior Securities
-------------------------------
None.
Item 4 - Submission of Matters to a Vote of Security Holders
---------------------------------------------------
None
Item 6 - Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
--------
3(i) Articles of Incorporation
-------------------------
Certificate of Incorporation of the Company is incorporated
by reference to the Company's Registration Statement on Form
SB-2 File Number 333-12305 Amendment No. 2, Filed November
4, 1996.
3(ii) Bylaws
------
Bylaws of the Company are incorporated by reference to the
Company's Registration Statement on Form SB-2 File No.
333-12305 Amendment No. 2, Filed November 4, 1996.
(b) Form 8-K
--------
(27) Financial Data Schedule
-----------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SVB FINANCIAL SERVICES, INC.
----------------------------
(Registrant)
Dated: August 3, 2000 By: /s/ Keith B. McCarthy
-----------------------------------
Keith B. McCarthy
Executive Vice President
Chief Accounting Officer
