SVB Financial Group 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A (depositary shares) (SIVBO)

SIVBO was a preferred security, not common stock. Each depositary share was a 1/40th interest in a share of SVB Financial Group's 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, with a $25 liquidation preference per depositary share. Because the dividend was non-cumulative, skipped dividends did not build up. The issue had no maturity date.

SVB Financial Group was the holding company for Silicon Valley Bank, founded in 1983 to serve technology startups and venture capital firms. It grew into one of the largest U.S. banks during the 2020-2021 venture boom, and its deposits more than doubled. In 2021 it sold its first preferred stock to raise capital, including this Series A issue.

Much of the deposit inflow went into long-term Treasuries and mortgage securities. When interest rates rose sharply in 2022, those holdings lost value and venture-backed clients began drawing down deposits. On March 8, 2023, SVB announced a securities loss and a plan to raise capital, which set off a run on the bank.

California regulators closed Silicon Valley Bank on March 10, 2023, and appointed the FDIC as receiver. Nasdaq halted the company's securities that day, and SVB Financial Group filed for Chapter 11 on March 17. Nasdaq formally suspended the common and preferred stock on March 28, 2023, and delisting took effect May 12, 2023. First Citizens BancShares later bought most of the failed bank's loans and deposits from the FDIC, but the preferred holders were creditors of the bankrupt parent only.