Bridge Bank Reaffirms Commitment to Banking Technology and Innovation Companies
Tech lender announces plans for expansion in Raleigh-Durham after news of recent new client relationships and significant portfolio growth
San Jose, Calif. – December 8, 2016 – Bridge Bank today reaffirmed its commitment to providing commercial banking services, including working capital loans and lines of credit, to technology and innovation companies throughout the country through its expanding national network of business offices located in key technology hubs, including a new office in Raleigh-Durham scheduled to open in early 2017. This announcement further accentuates Bridge Bank’s upward momentum in the technology banking sector as market indications suggest a de-emphasis on the narrowly served niche by several competitors in their technology lending divisions.
Highlights from Bridge Bank’s technology and innovation lending activities over the past 18 months include:
- Launch and expansion of two new business lines including the Equity Fund Resources group led by Michael David to serve the venture capital and private equity communities and the Life Sciences Group led by veteran banker Rob Lake to serve innovation companies in the bio-tech sector
- Opening of new offices including an additional office in San Francisco plus new offices in San Diego, Menlo Park, Atlanta, and Raleigh-Durham. Bridge Bank now has ten business offices nationwide providing technology banking services
- Portfolio growth of 51% since June of 2015 (the close of the merger of Bridge Bank and Western Alliance Bank) including recent funding announcements to Finicity, QA Symphony, CytoSorbents, Viveve and E La Carte
- Three recent Bridge client IPO announcements including Everbridge, Tabula Rasa, and The Trade Desk
Additionally, Bridge Bank has expanded its technology banking team with the hiring of key bankers including Laurence Sherman, formerly with City National Bank, Michael Bachrodt, formerly with SunEdison, Barbara Flemming, formerly with Square 1 Bank, and Justin McDonie, formerly with Oxford Finance.
“Since its launch in 2005, our technology banking division has achieved high levels of performance in terms of portfolio expansion and credit quality, and has helped to accelerate the growth of many nationally recognized brands in the innovation sector,” said Daniel P. Myers, president and CEO of Bridge Bank. “The addition of our new office in Raleigh-Durham further cements Bridge Bank’s commitment to helping emerging, mid- and late-stage technology companies accelerate products, grow their businesses, and take advantage of market opportunities. We are ending the year with exciting new technology clients and are looking forward to watching what they will do in 2017,” he added.
“A fundamental reason for our acquisition of Bridge Bank a year ago was the strength of its brand in the technology sector,” said Robert Sarver, chairman and CEO of Western Alliance Bancorporation. “During the past year, the strong performance of Bridge’s technology and innovation banking division and expansion of its offerings has validated our decision. We are working closely with the entire Bridge Bank team to ensure that we have the right products, services, bankers, and offices in place to serve Bridge Bank’s growing client base through 2017 and beyond.”
Bridge Bank’s Technology Finance Group works with venture- and non-venture backed companies from inception through beyond IPO. The team’s expertise spans multiple verticals including e-commerce, digital marketing, mobile, clean- and green-tech, telecommunications and infrastructure and more.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. With $17 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the fastest-growing bank holding companies in the U.S. and recognized as #10 on the Forbes 2016 “Best Banks in America” list. For more information, visit www.bridgebank.com.
About Western Alliance Bancorporation
With $17 billion in assets, top-performing Western Alliance Bancorporation (NYSE:WAL) is one of the fastest-growing bank holding companies in the U.S. and recognized as #10 on the Forbes 2016 “Best Banks in America” list. Its primary subsidiary, Western Alliance Bank, is the go-to bank for business and succeeds with local teams of experienced bankers who deliver superior service and a full spectrum of deposit, lending, treasury management, international banking and online banking products and services. Western Alliance Bank operates full-service banking divisions: Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank. The bank also serves business customers through a robust national platform of specialized financial services including Corporate Finance, Equity Fund Resources, Hotel Franchise Finance, Life Sciences Group, Mortgage Warehouse Lending, Public and Nonprofit Finance, Renewable Resource Group, Resort Finance, Technology Finance and Alliance Association Bank. For more information, visit westernalliancebancorporation.com.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe,""expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Company, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.
The reader should refer to the more complete discussion of such risks in Bridge Capital Holdings' annual reports on Forms 10-K and quarterly reports on Forms 10-Q on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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