<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-06-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000719739</issuerCik>
        <issuerName>SVB FINANCIAL GROUP</issuerName>
        <issuerTradingSymbol>SIVB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001007484</rptOwnerCik>
            <rptOwnerName>HARDYMON G FELDA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1865 PALMER AVNEUE</rptOwnerStreet1>
            <rptOwnerStreet2>STE 104</rptOwnerStreet2>
            <rptOwnerCity>LARCHMONT</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10538</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By self restricted</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <remarks>The restricted stock grant awarded to the reporting person under the Company's 1997 Equity Incentive Plan by action of the Compensation Committee on April 19, 2006, to be granted on May 12, 2006, was ineffective.  Upon stockholder approval of the 2006 Equity Incentive Plan at the Company's annual meeting on May 11, 2006, the 1997 Plan was superseded by the 2006 Plan.  As a result, no new awards could come from the 1997 Plan thereafter.</remarks>

    <ownerSignature>
        <signatureName>Lisa Bertolet as attorney in fact</signatureName>
        <signatureDate>2006-06-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
