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| 8-K - 8-K - Bridge Capital Holdings | v219269_8k.htm |
Exhibit 99.1
Bridge Capital Holdings Announces the
Repurchase of the Outstanding TARP Warrant
from Treasury
San Jose, California, April 20, 2011 – Bridge Capital Holdings (Nasdaq: BBNK), whose subsidiary is Bridge Bank, National Association, announced today that it has completed the repurchase of a warrant held by the U. S. Treasury Department. The 10-year warrant was issued on December 23, 2008 as part of the Company’s participation in the U.S. Treasury’s Capital Purchase Program, and entitled the Treasury to purchase 396,412 shares of Bridge Capital Holdings common stock at an exercise price of $9.03 per share. The Company paid a total of $1,395,000 to the Treasury to repurchase the warrant.
Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings and Bridge Bank, commented, “We are very pleased to have completed the repurchase of the warrant, effectively concluding Bridge Capital Holdings’ participation in the Capital Purchase Program. As a result of dividends paid on the preferred stock from its December 23, 2008 issuance through the March 16, 2011 redemption date, and the $1,395,000 paid today for repurchase of the warrant, the U.S. taxpayers received a total return of $4.0 million on Treasury’s $24.0 million preferred stock investment in our Company.”
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.
Contacts
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Daniel P. Myers
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Thomas A. Sa
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President
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Executive Vice President
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Chief Executive Officer
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Chief Financial Officer and Chief Strategy Officer
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408.556.6510
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408.556.8308
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dan.myers@bridgebank.com
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tom.sa@bridgebank.com
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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; legislation or regulatory changes 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.
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