SVB Financial Group CEO Elected to the Board of Directors of the Federal Reserve Bank of San Francisco
Posted on: Thursday, 22 December 2005, 12:00 CST
SANTA CLARA, Calif., Dec. 22 /PRNewswire-FirstCall/ -- 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, 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 http://www.svb.com/.
SVB Financial Group
CONTACT: Carrie Merritt, +1-408-654-7193, or cmerritt@svbank.com, orMeghan O'Leary, +1-408-654-6364, or moleary@svbank.com, both of SVB FinancialGroup
Web site: http://www.svb.com/
Source: PRNewswire-FirstCall
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