SANTA CLARA, CALIF. — April 17, 2003 — Silicon Valley Bancshares (SIVB), announced today Alex W. "Pete" Hart, former CEO of Mastercard International and financial services industry veteran, has been named Chairman of the Board. Hart will replace John Dean, who is widely recognized in the financial services industry as one of the most influential Silicon Valley dealmakers. Dean did not stand for re-election to the Board.
"We couldn't have chosen a better-suited successor to John," said Ken Wilcox, president and CEO of Silicon Valley Bancshares and Silicon Valley Bank. "Pete's enthusiastic acceptance of this position is a testament to our vision and strength as a company. Silicon Valley Bank continues to enhance its position as the premier provider of innovative financial services to entrepreneurial companies worldwide. Pete will help to expedite that process."
With a 30-year distinguished track record of leadership in the financial services industry, Hart is currently an independent consultant specializing in emerging payment and distribution systems. His particular focus is e-commerce and its impact on the consumer banking industry. Hart was the former CEO of Advanta Corporation, a diversified financial services company and the President and Chief Executive Officer of MasterCard International. While at MasterCard, Hart served as Chairman of the Board of Maestro International, the global debit system, and was a member of the board of directors of Europay International. Hart has been a key member of the Silicon Valley BancShares Board of Directors since 2001.
Prior to joining MasterCard, Hart spent 10 years at First Interstate Bancorp, the 17-state multi-bank holding company now part of Wells Fargo. While with First Interstate, Hart became the founding chairman of the board of the CIRRUS System, which is now the world's largest network of shared automated teller machines. Hart's distinguished career also includes various positions with the First National Bank of Chicago and BancOhio.
Hart serves on the board of directors of Global Payments, Inc., Fair Isaac Corp, Actrade Financial Technologies and Sanchez Computer Associates. He is an advisor to many companies including eHarmony, Dealtime, Humetrix and Orbiscom.
Hart graduated from Harvard University in 1962. He completed studies at the graduate school of Bank Marketing at the University of Colorado and the graduate program for Data Processing Management at Harvard Business School.
"In my time as CEO of Silicon Valley Bancshares, then Chairman, I've witnessed enormous financial growth and dedication to helping entrepreneurs succeed," said John Dean, outgoing chairman of Silicon Valley Bancshares. "To say I am comfortable passing the torch is an understatement. Pete is a deeply talented professional who has earned the respect of the board and shareholders. He brings vision, proven leadership and a first-hand entrepreneurial perspective to his responsibilities as a board member - qualities that will serve him well in his role as Chairman."
During Dean's tenure with Silicon Valley Bancshares, assets grew from $935 million to a high of $5.6 billion; employees, from 235 to nearly 1,000; and, market capitalization, from $63 million to a high of $2.1 billion. Dean remains an advisor to or director of several U.S. and foreign venture capital firms and technology companies.
About Silicon Valley Bancshares
For 20 years, Silicon Valley Bancshares, a financial holding company providing diversified financial services, has sustained its mission to provide innovative solutions to help entrepreneurs succeed. The company's principal subsidiary, Silicon Valley Bank, serves emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Headquartered in Santa Clara, Calif., the company offers clients financial products and services including commercial, investment, merchant and private banking, as well as value-add client services using its proprietary knowledge base. Merger, acquisition and corporate partnering services are provided through the company's investment banking subsidiary, Alliant Partners. More information on the company can be found at www.svb.com.