Santa Clara, Calif., September 22, 2003 — In support of its strategy to offer diversified financial services to a global client base, Silicon Valley Bank, the primary banking subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB), created the executive role of Chief Operating Officer within its Commercial Bank and promoted three of its established leaders into new roles. Former Chief Banking Officer, Greg Becker will take on the role of COO of the Commercial Bank, and Joan Parsons will step into the Chief Banking Officer position. Mike Selfridge, formerly a senior member of the Southeast team, will succeed Parsons as the Northeast Division Manager. The expansion of responsibilities for these Commercial Bank leaders will allow CEO Ken Wilcox to concentrate more exclusively on the diversified business strategy of Silicon Valley Bancshares and its subsidiaries.
"During the last decade, we have focused on refining our organizational structure to allow us to enter new markets easily, offer complementary services to an increasingly sophisticated client base, and work directly alongside our clients. The creation of this strategic role in our Commercial Bank will allow us to continue advancing that strategy," said Ken Wilcox, president and CEO of Silicon Valley Bancshares. "Greg, Joan and Mike exemplify the dedication, innovation and inspirational leadership that will fuel our future success."
As COO, Becker will oversee all sales and operational efforts for the Commercial Bank, which constitutes 80 percent of the company's business. Becker has devoted his career to financial services for the technology industry, having spent the last ten years at Silicon Valley Bank in a variety of roles, including Division Manager of the Venture Capital Group. Becker was a managing director of SVB Strategic Investors Fund, Silicon Valley Bank's first Fund of Funds and an investment manager and board member of Silicon Valley BancVentures. During his tenure at SVB, he also spearheaded the opening of the Boulder, Colorado office. Prior to joining SVB, Becker provided financing to emerging growth technology companies at Comerica Bank.
Succeeding Becker as Chief Banking Officer, Joan Parsons will lead SVB's Commercial Bank sales force. Parsons, who has 22 years of banking experience, has been leading the Northeast since 2000 after serving as the senior credit officer in the region. Since joining SVB in Boston in 1994, Parsons has played a significant role in expanding the Northeast region, adding two offices and growing the client base from 150 to 1400 clients. The Northeast region currently makes up 25 percent of the Commercial Bank's assets and revenues. Previously, Parsons held positions with Fleet Bank of Massachusetts, Barclays Bank plc, and Mellon Bank. Parsons will continue to operate out of Silicon Valley Bank's Boston office.
Selfridge, previously senior credit officer in the company's Northern Virginia office, will take on the role of Northeast Division Manager, overseeing and growing the portfolio of technology and life science clients in the Boston, Philadelphia and New York offices. Selfridge has served in a variety of roles with the company, including senior vice president of the Northern Virginia Technology group and earlier in the Structured Trade Finance group. Prior to joining Silicon Valley Bank in 1994, Selfridge worked with HSBC plc, a U.K. based bank, and Wells Fargo.
As the premier provider of innovative financial services to enterprising companies worldwide, Silicon Valley Bank continues to deliver on its strategy to ensure the success of its clients throughout their life cycles by offering a full suite of complementary products and services, including commercial banking, investment services, mergers and acquisitions, private equity services and private banking.
About Silicon Valley Bank Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at www.svb.com.