Bridge Bank Provides Sorrento Capital $6.2 Million Credit Facility
New Working Capital Line Strengthens Sorrento's Balance Sheet and Fuels Continued Growth
| Source: Bridge Capital Holdings
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 CNNMoney.com,
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, ReviseMyLoan.com, 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
www.SorrentoCapital.com.
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,
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 www.bridgebank.com.
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successfully execute its business plans and achieve its objectives; changes
in general economic, real estate and financial market conditions, either
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