SANTA CLARA, Calif., December 22, 2005 - Kenneth P. Wilcox, president and CEO of SVB Financial Group and Silicon Valley Bank, was elected to the board of directors of the Federal Reserve Bank of San Francisco beginning January 1, 2006. Wilcox was elected by the largest member banks of the Twelfth Federal Reserve District, which includes the nine western states of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington, plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands.
In his role as a director, Wilcox will provide the Federal
Reserve System with economic information on the financial
services industry and on the Twelfth District's economy. This
information will be used by the Federal Open Market Committee and
Board of Governors in reaching decisions about monetary policy.
Wilcox will also recommend changes in the Reserve Bank's discount
rate and, along with other directors, serve as a link between the
government and the private sector.
"I am honored to have been elected to the board of directors of
the Federal Reserve Bank of San Francisco and look forward to
serving my fellow member banks in the twelfth district," said
Wilcox. "In particular, as a director, I will offer my experience
and insight to the Federal Reserve Bank regarding staying
relevant and competitive in a rapidly evolving and increasingly
global capital markets system."
About SVB Financial Group
For more than 20 years, SVB Financial Group (Nasdaq: SIVBE),
formerly Silicon Valley Bancshares, has been dedicated to helping
entrepreneurs succeed. SVB Financial Group, the parent company of
Silicon Valley Bank, is a financial holding company that serves
emerging growth and mature companies in the technology, life
science, private equity and premium wine industries.
Headquartered in Santa Clara, Calif., SVB Financial Group
provides clients with commercial, investment, international and
private banking services. The company also offers funds
management, broker-dealer transactions, asset management and a
full range of services for private equity companies, as well as
the added value of its knowledge and networks worldwide. More
information on the company can be found at www.svb.com.