SOURCE: Bridge Capital Holdings
SAN JOSE, CA--(Marketwire - Aug 8, 2012) - Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, a full service professional business bank headquartered in Silicon Valley, announced today the creation of its Capital Finance Division, previously known as the Bridge Capital Finance Group (BCFG), to serve the bank's expanding national client base.
"We're very pleased with the growth and performance of our asset-based lending portfolio," said Daniel P. Myers, president and chief executive officer of Bridge Bank. "The formation of our new Capital Finance Division is the natural next step as the bank continues to satisfy more market demand for these specialized credit products." The bank's capital finance group was formed in 2002, and until recently was structured under the bank's Technology Banking Division. It has grown to over $200 million in loans outstanding, and currently serves a wide variety of clients across multiple business sectors.
Leading the new division will be Lee Shodiss, who was promoted to executive vice president and manager of the new Capital Finance Division. "Over the past decade, Lee and his team have done a superior job of understanding and fulfilling the needs of our clients," said Peggy Bradshaw, executive vice president and chief banking officer of Bridge Bank, "and we're excited to see his role at the bank evolve as we look to further expand our capital finance services." Mr. Shodiss joined Bridge Bank in 2002 as senior portfolio manager in the Bridge Capital Finance Group, and was subsequently promoted to group manager in 2005. Prior to joining Bridge Bank, Mr. Shodiss was senior vice president in Silicon Valley Bank's Specialty Finance Division. "We have an incredible market opportunity, valued in excess of $100 billion," said Shodiss. "We're now well positioned to meet the changing needs of mid-market companies, and I'm very excited to lead the Capital Finance Division in this effort," said Shodiss.
Also being promoted is Larry LaCroix, now senior vice president and group manager in the bank's Capital Finance Division. Mr. LaCroix joined Bridge Bank in 2008 as a team leader. Previously, he was with Sun Trust Bank as a division manager for the factoring product. "I'm thrilled to have the opportunity to continue contributing to Bridge Bank's expansion strategy," said Mr. LaCroix. "The bank has proven its ability to increase its capital finance portfolio in a consistent and disciplined way, and I look forward to identifying other areas for growth including new product development and continued geographic expansion.
Bridge Bank's Capital Finance Division provides small and mid-market companies with customized financial services for each stage of the growth cycle, from inception through IPO. Its products include asset-based lending, vendor assurance, factoring and purchase order financing. Most recently, the bank expanded its capital finance presence to the Southeast region, adding to its existing presence in Boston, Reston, Dallas and the Bay Area.
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 www.bridgecapitalholdings.com.
About Bridge Bank, National Association
Bridge Bank, National Association 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. For details, visit www.bridgebank.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.