Magazine article American Banker

NASDAQ Accepts Restatements by SVB

Magazine article American Banker

NASDAQ Accepts Restatements by SVB

Article excerpt

SVB Financial Group said Wednesday that the Nasdaq Stock Market accepted its financial restatements and is no longer threatening to delist the stock.

Shares of the Santa Clara, Calif., banking company jumped more than 3.5% in early trading Wednesday and finished up 4%.

"The rally you're seeing is a little bit of relief that the delisting issue appears to be behind them now," Brent Christ, an analyst at Swiss Reinsurance Co.'s Fox-Pitt, Kelton Inc., said in an interview Wednesday.

The $5.3 billion-asset SVB said the Nasdaq Listing Qualifications Panel has ruled it was in compliance with listing rules, even though it filed restated financial reports Dec. 30, two days after the deadline the Nasdaq had set.

SVB restated its 2000-2005 results to properly account for warrants it had issued to customers in connection with loans. It said it earned $20.9 million, or 54 cents a share, in the second quarter, and $23. …

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