Bridge Bank CEO Myers Elected to the Board of the Federal Reserve Bank of San Francisco
Market Wire, December, 2007
Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, one of the fastest-growing full-service business banks in California and the Nation, announced today that President and Chief Executive Officer Daniel P. Myers has been elected to the Board of Directors of The Federal Reserve Bank of San Francisco.
Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by the District's member banks. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers. Mr. Myers joins as a class A director and will serve a three year term beginning January 1, 2008.
The roles of Reserve Bank directors are in three principal areas: overseeing the management of the Reserve Banks and Branches, participating in the formulation of national monetary and credit policies, and acting as a "link" between the government and the private sector.
The Federal Reserve Bank of San Francisco is the headquarter office of the Twelfth Federal Reserve District. This district includes the nine western states -- Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington -- Guam, American Samoa, and the Northern Mariana Islands. To serve this expansive region, the San Francisco Federal Reserve Bank has five branch offices, located in Los Angeles, Phoenix, Portland, Salt Lake City, and Seattle. The Twelfth District is the largest, covering about 1.3 million square miles, or 35 percent of the nation's area. The District's estimated 61.2 million people accounted for 20 percent of the total U.S. population in 2006. The District also ranks first in the size of its economy. The Twelfth District had assets of $99.7 billion and operating expenses of $395 million as of December 31, 2006.
The remainder of the Federal Reserve Bank of San Francisco board includes: David K.Y. Tang (chairman), K&L Gates, Seattle, WA. Mr. Tang is a class C director. T. Gary Rogers (deputy chairman), Dreyer's Grand Ice Cream, Inc., Oakland, CA. Mr. Rogers is a class C director. Karla S. Chambers, Stahlbush Island Farms, Inc., Corvallis, OR. Mrs. Chambers is a class B director. Blake W. Nordstrom, Nordstrom, Inc., Seattle, WA. Mr. Nordstrom is a class B director. William D. Jones, president and CEO of CityLink Investment Corporation, San Diego, CA. Mr. Jones is a class B director. Douglas W. Shorenstein, Shorenstein Properties LLC, San Francisco, CA. Mr. Shorenstein is a class C director. Candace H. Wiest, West Valley National Bank, Avondale, AZ. Ms. Wiest is a class A director. Kenneth P. Wilcox, Silicon Valley Bank, Santa Clara, CA. Mr. Wilcox is a class A director.
Dan Myers is a co-founder, director, and the president and CEO of Bridge Bank, N.A. He is also a director, president and CEO of Bridge Capital Holdings. Mr. Myers has 25 years of banking experience in the South San Francisco Bay/Silicon Valley area, all with independent community banks, and has held various executive management positions. Mr. Myers is also a director with Western Independent Bankers and a director of the Santa Clara County Council of the Boy Scouts of America.
Since opening in 2001, Bridge Bank has been recognized as one of the fastest growing and best performing banks in California and the Nation. At September 30, 2007, the Company reported total assets of $790 million and year to date earnings of $8.2 million, an increase of 30% from the prior year.
Bridge Bank specializes in providing superior service and customized banking solutions to small and middle-market, and emerging technology businesses, in Silicon Valley, California, and the Nation. The bank's product offerings include 24/7 internet-based business cash and treasury management, on-line account statement and item imaging, remote deposit capture, commercial lines of credit, construction loans, Small Business Administration 7(a) and 504 loans as an SBA Preferred Lender Participant-accredited direct lender, and factoring and asset-based loans through its Bridge Capital Finance Group.
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 is listed on The NASDAQ Stock Market under the trading symbol BBNK. Visit Bridge Capital Holdings on the web 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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