SAN JOSE, CA--(Marketwire - Jan 26, 2012) - Bridge Capital Holdings (
"Bridge Bank was founded to serve all sectors of Silicon Valley and the broader technology business community, which is continuously being reshaped by new innovation," said Daniel P. Myers, president and chief executive officer of Bridge Bank. "The creation of our new Energy and Infrastructure Group is reinforcement of the bank's commitment to serving the changing needs of businesses and support the nation's goal of greater energy independence with economically sound alternative energy ventures."
Many clean-tech supply chain and development companies, in addition to contractors and other small- to mid-size firms who are focused on renewable energy projects, remain largely underserved by financial institutions and other debt providers. Bridge Bank expects to be a leader in providing the specialized debt financing required by developers and solar companies, and to be a valuable advisor to the firms seeking entry into this emerging market.
The new Energy and Infrastructure Group will be led by Scott Reising, senior vice president at Bridge Bank. Reising, who joined the bank in August 2011, has an extensive background in energy project design, development, implementation, and finance, and has been involved in over $20 billion of structured finance transactions in various sectors, including solar, wind, bio-fuels and hydro-power. Reising has also been involved in large infrastructure projects for local governments, and most recently worked for several major European banks in New York City.
"Well-established developers working on large scale projects have many choices for financing, but for developers who are working on smaller projects in the one to five megawatt range, there are very few options," said Reising. "We are providing the kind of advisory services and structuring expertise that is typically found only at the larger multi-national banks. For clients, especially those new to this market, Bridge Bank offers a unique and extraordinary value." EIG will lend to companies with projects in the installation phase, and provide liquidity options for government incentives in addition to permanent phase financing.
Over the past five years, Bridge Bank has built a presence in the alternative energy sector. Nearly $85 million in loans and credit commitments has been extended by the bank to firms engaging in renewable energy and solar projects. Dan Pistone, senior vice president and manager of the bank's Technology Banking Group added, "We believe that the segment EIG will serve represents a $5 billion market, with annual growth projected at about 20%. If the federal government intensifies its effort to reach energy independence, those numbers are likely to increase substantially."
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 additional information, visit the Bridge Bank website web at www.bridgebank.com.
About Bridge Bank's Technology Banking Group
With a growing nationwide web of offices and a correspondent banking network that stretches worldwide, Bridge Bank's Technology Banking Group serves venture-backed and non venture-backed companies from inception to IPO, and companies focused on renewable energy projects. Bridge Bank's product offering includes growth capital, equipment and working capital credit facilities and treasury management solutions, along with a full line of international products and services and financing secured by domestic, government, and foreign receivables.
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.