From the annual report, the Company issued $40 million in cumulative trust preferred securities through a special purpose trust, SVB Capital I. Distributions are payable quarterly at the annual rate of 8.25% of the stated liquidation amount of $25 per preferred security. The obligations of the trust are fully and unconditionally guaranteed, by the Company, on a subordinated basis.
Fair value of the trust preferred securities was $36.6 million and $32.8 million respectively, as of 12-31-01 and 12-31-00 based on the Nasdaq closing price.
I have no idea of the symbol for the preferred but those interested in yield might want to look further. Mandatory redemption isn't until June of 2028, although to the extent earlier debuentures may be called starting June 15, 2003, holders could be affected.