Bridge Bank Provides $10 Million Credit Facility to Pandora Media
Credit Commitment Made in Conjunction With Close of New Equity Round
| Source: Bridge Capital Holdings
SAN JOSE, CA--(Marketwire - September 23, 2009) - Bridge Capital Holdings (NASDAQ : BBNK ), whose
subsidiary is Bridge Bank, National Association, a full-service
professional business bank headquartered in Silicon Valley, announced today
that its Technology Banking Division has established a $10,000,000 Line of
Credit with Pandora Media, Inc. to provide working capital for continued
growth.
"We congratulate Pandora on their overall business success and the closing
of their most recent round of equity," said Daniel P. Myers, President and
Chief Executive Officer of Bridge Bank and Bridge Capital Holdings.
"Pandora is a clear leader in the exciting internet media business sector
and we at Bridge Bank are pleased to have delivered a creative solution
that provides the company access to working capital as they continue to
grow their business."
Pandora (www.pandora.com) is a personalized Internet radio and music
discovery service available anytime and anywhere on the PC, in the home,
and on mobile devices (including the iPhone, Palm Pre, BlackBerry
smartphones and Android platform devices) via partnerships with AT&T,
Apple, RIM and Sprint. Pandora is based on the Music Genome Project, which
began in 2000, and is the most thorough analysis of popular music ever
undertaken. Each song in this massive collection is analyzed by one of
more than 35 trained musicians, and assessed against up to nearly 400
distinct musical attributes such as melody, harmony, and rhythm to capture
its unique musical identity. Using this information to build playlists
based on musical similarity, listeners can simply enter a favorite song or
artist, and instantly launch a personalized listening experience which
includes discovery of new bands, artists and songs. Pandora is the largest
online music site based on monthly unique visitors, has a growing user base
of more than thirty-five million registered listeners, a database of over
700,000 songs, and national advertisers such as Levi's, Best Buy, Target,
Honda, Procter & Gamble, and Nike.
"We're thrilled to forge this new relationship with Bridge Bank," said Joe
Kennedy, CEO and President of Pandora. "With their support, we're looking
forward to increased financial flexibility and resources to enhance our
ongoing growth."
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, 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 and
middle-market businesses in Silicon Valley, Northern California, and the
Nation. Bridge Bank provides its clients with a comprehensive package of
business banking solutions delivered through experienced, professional
bankers. For additional information, visit the Bridge Bank website at
www.bridgebank.com.
About Bridge Bank Technology Banking Division
The Bridge Bank Technology Banking Division serves venture and non-venture
backed companies from inception to IPO. The Division's product offering
includes growth capital loans, equipment and working capital financing,
along with a full line of treasury management solutions, International
products and services, and financing secured by domestic, government, and
foreign receivables. In today's virtual world, you can count on Bridge
Bank for responsive and personalized service anywhere you do business.
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.