Santa Clara, CA -- July 2, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced today its Northern California regionalization strategy, with the conversion of its Technology and Life Sciences Divisions of Northern California to regional offices.
Silicon Valley Bank's regional structure is a response to the geographical dispersion of technology companies throughout the Bay Area.
"By being physically closer to our clients, Silicon Valley Bank becomes better positioned to meet client needs, provide a heightened level of customer care and respond to shifts in regional market conditions," said Ken Wilcox, president and chief executive officer of Silicon Valley Bank. "Regionalization also increases the Bank's visibility in the local marketplace - a fact that will help us attract new clients and continue to grow our market share."
Effective today, the Technology and Life Sciences Divisions in Northern California will convert to a three-region structure. The first physical extension of regionalization is the existing San Francisco office located at China Basin Landing. The following offices will open in a phased rollout: the Peninsula office in September 2001 and the new South Bay office in June 2002, with a satellite office in Fremont opening in December 2001.
Teresa Heller will remain group manager of the Bank's Northern California Banking Group. The three regions will be managed as follows: Silvia Fernandez, San Francisco; Peter Kidder, Peninsula; and Chris Coleman, South Bay.
Each regional office will act as a stand-alone bank, complete with client service teams and products and services representatives. The industry specialization that is a hallmark of Silicon Valley Bank will be maintained, with each office housing teams from the Bank's Software and Services, Life Sciences and Communications and Electronics practices. In addition, Silicon Valley Bank Emerging Technologies officers, reporting to Division Manager Mark Horn, will reside in each regional office.
"Regionalization is a concept Silicon Valley Bank has embraced nationwide with its 25 regional offices," said Heller. "It's a strategy that's proven overwhelmingly successful for the Bank and will have long-term benefits for the Northern California divisions."
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
SVB Contact: Andrea McGhee, (408) 654-3078, email@example.com.