SOURCE: Bridge Capital Holdings

Bridge Capital Holdings

February 04, 2010 13:30 ET

Bridge Bank Provides Sorrento Capital $6.2 Million Credit Facility

New Working Capital Line Strengthens Sorrento's Balance Sheet and Fuels Continued Growth

SAN JOSE, CA--(Marketwire - February 4, 2010) - Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, a full-service business bank headquartered in Silicon Valley, announced today that it has provided a $6.2 million self-liquidating credit facility to Irvine, California-based Sorrento Capital, a privately held asset management firm that provides consumer-facing financial services through its business partners and consumer direct channels.

"At a time when most banks have been forced to the sidelines or have voluntarily left the lending arena all together, we are pleased to find a new commercial banking partner in Bridge Bank that has the resources and expertise to service an emerging market business," said Tyler Aldous, Chief Financial Officer of Sorrento Capital. "Sorrento's subsidiary organizations have grown tremendously, hiring over 300 new employees in the past six months, and we see further expansion and growth in both the short- and long-term future as the financial markets dislocation runs its course. This facility will free up working capital and allow us to not only assist more consumers, but also to keep growing and creating more jobs in this troubled economy."

According to articles published within the past two months on, the lack of available credit to businesses is preventing owners from creating jobs. A December 19, 2009 article states that "businesses are still struggling to find financing" and that "many banks are reluctant to lend" to businesses in the current economic climate. Furthermore, a January 4, 2010 article cites data from the Treasury Department stating that, "from April to October, the nation's largest banks shrunk their collective business lending balance by 4.3%, cutting $11 billion in credit."

Sorrento Capital and its wholly owned businesses, Mortgage Outreach Services,, and Consumer Outreach Services are focused on assisting and enhancing the financial health of consumers while helping investors, lenders, and servicers to proactively address and resolve complex borrower issues.

"Sorrento Capital is uniquely poised to help homeowners participate in some of the government sponsored programs aimed at providing mortgage relief and we're pleased to be helping them to keep providing much-needed solutions to consumers and businesses," said Scott Chamberlin, Senior Vice President and Market Manager at Bridge Bank, N.A. "Sorrento Capital is a great addition to our growing portfolio of clients in Southern California as we continue to evaluate opportunities in this recovering marketplace."

About Sorrento Capital

Sorrento Capital is a privately held asset management firm that creates value through organic growth, strategic acquisitions, and venture partnerships. The company's businesses provide consumer-facing financial services through its business partners and consumer direct channels. Sorrento Capital provides consumers with education, tools, and resources to help address a wide range of financial related decisions. As a servicing partner to large organizations in the mortgage and real estate industries, Sorrento Capital offers dynamic solutions to meet the rapidly changing environments of mortgage lending, debt management, asset retention and property disposition. To learn more about Sorrento Capital visit

About Bridge Capital Holdings

Bridge Capital Holdings is the holding company for Bridge Bank, National Association. Bridge Capital Holdings was formed on October 1, 2004 and holds a Global Select listing on The NASDAQ Stock Market under the trading symbol BBNK. For additional information visit the Bridge Capital Holdings website at

About Bridge Bank, N.A.

Bridge Bank, N.A. is Silicon Valley's full-service professional business bank. The Bank is dedicated to meeting the financial needs of small, middle-market, and emerging technology businesses. Bridge Bank provides its clients with a comprehensive package of business banking solutions delivered through experienced, professional bankers. Visit Bridge Bank on the web at

Forward-Looking Statements

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.