SVB Financial (SIVB) in Santa Clara, Calif., has filed to sell nearly 4.5 million shares of common stock.
The $29.7 billion-asset company
SVB said it plans to use the offering's net proceeds for general corporate purposes to support plan to expand its business and operations. Its plans could include using the funds for working capital, capital expenditures and continued lending.
The Federal Reserve released additional information about its periodic review of its monetary policy strategy, tools and communications framework; TD Bank Group announced Michelle Myers will succeed Anita O'Dell as global chief auditor; Provident Financial Services will expand its commercial lending team; and more in this week's banking news roundup.
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
