SVB Financial Group in Santa Clara, Calif., said Tuesday that it had completed a tender offer for its Silicon Valley Bank unit.

The $17.5 billion-asset company said it would buy back $108.6 million of 5.7% senior notes due in 2012 and $204 million of 6.05% subordinated notes due in 2017. SVB had hoped to repurchase $250 million of each.

SVB also said that it had terminated a corresponding amount of the two interest rate swaps associated with the notes, resulting in a $3 million pretax gain for the second quarter.

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