Bridge Capital Holdings (Nasdaq:BBNK), whose subsidiary is Bridge Bank, National Association, announced today that it has completed the redemption of $24.0 million in Series B Preferred Stock issued to the U.S. Treasury under the Troubled Asset Relief Program’s Capital Purchase Program. The U.S. Treasury continues to hold warrants to purchase 396,412 shares of Bridge Capital Holdings common stock, which the Company expects to repurchase in the near future.
Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings and Bridge Bank, commented, “The repayment of our TARP funds reflects the strength of our balance sheet and favorable outlook for the Bank. Following the repayment, we remain a very well capitalized financial institution with the capacity to continue meeting the financial needs of small, middle-market, and emerging growth companies in our core markets.”
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. 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.