Bridge Bank of Silicon Valley (In Organization) Completes Record-Breaking IPO, Bank Raises $19 million, Projects Mid-May Opening Date

Apr 12, 2001, 01:00 ET from Bridge Bank of Silicon Valley N.A. (In Organization)

    SANTA CLARA, Calif., April 12 /PRNewswire/ -- Daniel P. Myers, President
 and CEO of Bridge Bank of Silicon Valley (In Organization), announced that the
 bank has successfully completed its initial public offering, raising more than
 $19 million in a capital campaign that required only about a month and a half
 to complete.
     "We set our minimum capitalization goal at $15 million, so we're extremely
 pleased to bring our campaign to a quick conclusion and be substantially
 oversubscribed," said Mr. Myers.  "There was a bit of uncertainty when we
 started our campaign, but investor response was overwhelmingly positive.  It's
 clear from these results that there is strong community support for a new bank
 to serve local business."
     The amount raised is believed to be the largest ever for a new bank in
 Silicon Valley -- $5 million more than any other start-up bank.  Mr. Myers
 noted Bridge Bank completed the offering in just over six weeks from start to
 finish, beginning in mid-February and concluding April 11.  The figure of
 $19 million represents 3.8 million shares of common stock.  The shares of
 common stock sold were sold at $5 each.
     Allan C. Kramer, M. D., Chairman of the Board, also said he was pleased
 with the results of the bank's successful initial public offering of stock.
 "Despite the turbulent economic conditions at this time among Silicon Valley's
 technology sector, the offering was well received in the local investment
 community.  We couldn't be more pleased with the rapid close of our campaign
 and the amount of capital raised.  Our next step is to continue through the
 regulatory approval process so that we can commence banking operations."
     The bank, with headquarters at 2120 El Camino Real in Santa Clara, has
 scheduled a mid-May opening date.  The exact opening date will be announced
 following approvals from bank regulators.
     Bridge Bank of Silicon Valley (In Organization) plans to engage in general
 commercial banking business, and will be dedicated to serving the unique
 financial needs of small and middle market businesses and executives of the
 manufacturing, technology, real estate, and professional services sectors.
 The Bank will also provide banking services tailored to meet the needs of the
 Chinese-American and Indo-American business communities, as well as the
 general business community.
 
     About Bridge Bank of Silicon Valley (In Organization)
     Bridge Bank of Silicon Valley (In Organization) is Santa Clara County's
 newest full-service business bank.  The bank is dedicated to meeting the
 financial needs of small and middle market businesses in Silicon Valley.
 Bridge Bank will provide clients with a comprehensive package of business
 banking solutions delivered through experienced, professional bankers.  Visit
 Bridge Bank on the Web at www.bridgebanksv.com.
 
 

SOURCE Bridge Bank of Silicon Valley N.A. (In Organization)
    SANTA CLARA, Calif., April 12 /PRNewswire/ -- Daniel P. Myers, President
 and CEO of Bridge Bank of Silicon Valley (In Organization), announced that the
 bank has successfully completed its initial public offering, raising more than
 $19 million in a capital campaign that required only about a month and a half
 to complete.
     "We set our minimum capitalization goal at $15 million, so we're extremely
 pleased to bring our campaign to a quick conclusion and be substantially
 oversubscribed," said Mr. Myers.  "There was a bit of uncertainty when we
 started our campaign, but investor response was overwhelmingly positive.  It's
 clear from these results that there is strong community support for a new bank
 to serve local business."
     The amount raised is believed to be the largest ever for a new bank in
 Silicon Valley -- $5 million more than any other start-up bank.  Mr. Myers
 noted Bridge Bank completed the offering in just over six weeks from start to
 finish, beginning in mid-February and concluding April 11.  The figure of
 $19 million represents 3.8 million shares of common stock.  The shares of
 common stock sold were sold at $5 each.
     Allan C. Kramer, M. D., Chairman of the Board, also said he was pleased
 with the results of the bank's successful initial public offering of stock.
 "Despite the turbulent economic conditions at this time among Silicon Valley's
 technology sector, the offering was well received in the local investment
 community.  We couldn't be more pleased with the rapid close of our campaign
 and the amount of capital raised.  Our next step is to continue through the
 regulatory approval process so that we can commence banking operations."
     The bank, with headquarters at 2120 El Camino Real in Santa Clara, has
 scheduled a mid-May opening date.  The exact opening date will be announced
 following approvals from bank regulators.
     Bridge Bank of Silicon Valley (In Organization) plans to engage in general
 commercial banking business, and will be dedicated to serving the unique
 financial needs of small and middle market businesses and executives of the
 manufacturing, technology, real estate, and professional services sectors.
 The Bank will also provide banking services tailored to meet the needs of the
 Chinese-American and Indo-American business communities, as well as the
 general business community.
 
     About Bridge Bank of Silicon Valley (In Organization)
     Bridge Bank of Silicon Valley (In Organization) is Santa Clara County's
 newest full-service business bank.  The bank is dedicated to meeting the
 financial needs of small and middle market businesses in Silicon Valley.
 Bridge Bank will provide clients with a comprehensive package of business
 banking solutions delivered through experienced, professional bankers.  Visit
 Bridge Bank on the Web at www.bridgebanksv.com.
 
 SOURCE  Bridge Bank of Silicon Valley N.A. (In Organization)