Business & Finance
Mon, December 22, 2008Fri, December 19, 2008Thu, December 18, 2008Wed, December 17, 2008Tue, December 16, 2008Mon, December 15, 2008Sun, December 14, 2008Fri, December 12, 2008Thu, December 11, 2008Wed, December 10, 2008Tue, December 9, 2008Mon, December 8, 2008Bridge Capital Holdings Closes $30 Million Capital Raise
Published in Business and Finance on Wednesday, December 17th 2008 at 15:24 GMT by Market Wire
SAN JOSE, Calif.--([ BUSINESS WIRE ])--Bridge Capital Holdings (NASDAQ:BBNK), whose subsidiary is Bridge Bank, National Association, today announced that it has completed its previously announced private placement for gross proceeds of $30.0 million.
Under terms of the agreement, Bridge Capital Holdings issued 300,000 shares of convertible preferred stock to Carpenter Fund Manager GP, LLC, the general partner of the Carpenter Community BancFunds. The proceeds from this transaction will be used primarily to strengthen the Company's balance sheet and for general corporate purposes.
Subject to approval from its shareholders, each preferred share issued in the private placement will be converted into 10 shares of Bridge Capital Holdings common stock at a price of $10.00 per common share. Bridge Capital Holdings has also agreed to increase the size of its Board of Directors by nominating one director on behalf of Carpenter Fund Manager. Detailed information about the new director appointment is forthcoming. Other details concerning the private placement may be found in the Company's 8-K filing.
The preferred stock will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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 [ http://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 companies, and emerging technology 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 [ http://www.bridgebank.com ].
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; legislative or regulatory changes, or other changes in governmental policies 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.
