8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 20, 2004

Silicon Valley Bancshares

(Exact name of registrant as specified in its charter)

Delaware	000-15637	91-1962278
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3003 Tasman Drive, Santa Clara, CA 95054-1191

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (408) 654-7400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.142-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4© under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02           Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

(d)        Effective as of October 20, 2004, the Board of Directors of Silicon Valley Bancshares (the “Company”) increased the authorized number of directors to ten and elected the following three new directors:  Messrs. David M. Clapper, Roger Dunbar, and Joel P. Friedman.  Messrs. Dunbar and Friedman will serve on the Company’s Audit Committee.  Additionally, Mr. Dunbar will serve on the Company’s Finance Committee.

The three new directors were also elected to the Board of Directors of Silicon Valley Bank, the principal wholly-owned subsidiary of the Company (the “Bank”), effective as of October 20, 2004.  Mr. Clapper will serve on the Bank’s Directors’ Loan Committee.

Until his election as a director, Mr. Dunbar had been serving as a non-voting advisory member of both the Company’s and the Bank’s Boards of Directors since January 2001.

A copy of the press release relating to the election of the new directors is filed herewith as Exhibit 99.1 and incorporated herein by reference.

Item 9.01           Financial Statements and Exhibits.

(c)        Exhibits.

Exhibit No.	Description
99.1	Press Release, dated as of October 21, 2004, announcing the election of the new directors.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2004	SILICON VALLEY BANCSHARES
	By:	/s/ DEREK WITTE
	Name: Derek Witte
	Title:  General Counsel

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Exhibit Index

Exhibit No.	Description
99.1	Press Release, dated as of October 21, 2004, announcing the election of the new directors.

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EX-99.1

Exhibit 99.1

3003 Tasman Drive Santa Clara, CA 95054

Contact:
Meghan O’Leary	Lisa Bertolet
Silicon Valley Bank	Silicon Valley Bank
408.654.6364	408.654.7282
moleary@svbank.com	lbertolet@svbank.com

SILICON VALLEY BANCSHARES ELECTS THREE NEW BOARD MEMBERS

Directors Bring Expertise Leading and Supporting Global Technology and Life Science Firms

SANTA CLARA, Calif., October 21, 2004 — Silicon Valley Bancshares (Nasdaq:  SIVB), the diversified financial services holding company of Silicon Valley Bank, announced three additions to its board of directors today.  David M. Clapper, Roger Dunbar and Joel P. Friedman were elected to the Silicon Valley Bancshares board effective October 20, 2004.   The new directors’ extensive experience with developing and leading global businesses will support Silicon Valley Bank as it expands globally and deepens its efforts within the technology, life science and private equity sectors.

“Silicon Valley Bancshares is executing its growth and development strategies extremely well. In order to bolster our senior leadership in the areas of globalization, technology and private equity, we sought out additional experts in those areas,” said Alex W. “Pete” Hart, chairman of the board of Silicon Valley Bancshares and Silicon Valley Bank. “These accomplished directors have a wealth of experience that is not only applicable to Silicon Valley Bank’s strategy, but relevant to the concerns of our 10,000 clients worldwide.”

David M. Clapper brings significant experience in the life sciences arena having spent the majority of his career in various positions at Johnson & Johnson and most recently serving as president, CEO and board member of Novacept, Inc.

Roger Dunbar, an advisory member of the Silicon Valley Bancshares and Silicon Valley Bank board of directors since 2001, has been serving technology companies since the early-1970s when he joined the Silicon Valley practice of Ernst & Young where he practiced until his promotion to global vice chairman in 2000.  He recently retired from his position as global vice chairman of E&Y.

Joel P. Friedman’s experience with global technology companies and venture capital firms stems from a variety of roles he has filled at Accenture, a global management consulting, technology

services and outsourcing company. Friedman is currently the president of Accenture’s Business Process Outsourcing organization as well as a member of its board of directors and a member of the Dean’s Advisory Council for the Stanford Graduate School of Business.

About Silicon Valley Bancshares

For 20 years, Silicon Valley Bancshares, a financial holding company offering diversified financial services, has provided innovative solutions to help entrepreneurs succeed. The company’s principal subsidiary, Silicon Valley Bank, serves emerging growth and mature companies in the technology, life science, private equity and premium wine industries through 26 offices in the U.S. and two subsidiaries in the U.K. and India. Headquartered in Santa Clara, Calif., the company offers its clients commercial, investment and private banking, funds management and private equity services, as well as the added value of its knowledge and networks. Merger, acquisition, private placement and corporate partnering services are provided through the company’s investment banking subsidiary, SVB Alliant. More information on the company can be found at www.svb.com.

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