Santa Clara, Calif.-based SVB Financial Group on Dec. 9 issued 14 million depositary shares.

Each depositary share represents 0.025 of an interest in SVB Financial's 5.250% fixed-rate noncumulative perpetual series A preferred stock. SVB Financial received proceeds before expenses of about $341.1 million in the offering.

BofA Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were joint book-running managers for the offering, while Keefe Bruyette & Woods Inc. was the co-manager.