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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 it has received regulatory approval to repay $24.0 million in TARP Capital Purchase Program funds, plus accrued but unpaid dividends, to the U.S. Treasury. The company expects to redeem all of the shares of its Series C Preferred Stock that were originally issued to the U.S. Treasury under the program.
“The repayment of our TARP funds is a significant milestone for Bridge, which we believe reflects the strength of our balance sheet and our ability to continue actively meeting the financing needs of our growing Silicon Valley customer base,” said Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings and Bridge Bank. “The Treasury’s Capital Purchase Program was designed to provide supplemental temporary capital to healthy viable banks, like Bridge, so they could continue providing credit to the business community during a period of unprecedented economic uncertainty. Now that the economic recovery is beginning to emerge, it is time to redeem the Treasury’s investment, as originally planned.”
The company received the Treasury CPP investment in December 2008. In the twenty-five months since the company began participating in the Capital Purchase Program, Bridge Bank has made loans to more than 600 new business clients in the commercial & industrial and emerging business sectors of the Silicon Valley region. To date, the company has paid more than $2.4 million in dividends to the U.S. Treasury under the program.
“Of the 707 financial institutions to qualify and receive TARP funds, Bridge Capital Holdings was one of the earliest companies to obtain funding from the Treasury,” stated Tom Sa, Executive Vice President and Chief Financial Officer of Bridge Capital Holdings. “It is only fitting that Bridge will now be one of the earlier companies to redeem the Treasury’s investment in full.”