SALT LAKE CITY, August 25, 2008 - Silicon Valley Bank, the premier commercial bank for technology and life science companies of all sizes, is expanding its presence in Utah with the addition of a locally-based relationship manager.
For more than 15 years, Silicon Valley Bank has worked closely
with Utah's technology, life science and private equity firms,
offering financing solutions, treasury management, corporate
investment and international banking services. Silicon Valley
Bank works with emerging and venture capital-backed companies as
well as large, established firms.
"Silicon Valley Bank is a critical part of the technology
community in Utah and we're glad to see they are making this a
permanent location," said Will West, CEO, Control4 Corporation.
"Silicon Valley Bank helps give an emerging technology company
its best shot at success and we're grateful for its partnership."
Silicon Valley Bank's Ron Sherman will continue to oversee client
relationship management as he has in Utah for more than 12 years.
Mike Devery will also continue market development activities in
Utah as part of his responsibility for the Rocky Mountain region.
Gary Jackson will be an addition to the team who is based in Salt
Lake City beginning today.
"Our strategy is to have a local presence in those areas with a
significant concentration of technology, life science and venture
capital worldwide, and we see plenty of opportunity in Utah,"
said Greg Becker, president of Silicon Valley Bank. "We've been
engaged in Utah for years and have watched it grow into a vibrant
technology market. We're pleased to be a part of it and look
forward to increasing support for local venture funds and
Utah has seen and encouraged impressive growth among technology
and life science companies in recent years and the state's local
venture capital presence is growing. Helping with this
acceleration is the Utah state sponsored Fund of Funds that has
invested $127 million in 25 Utah-based companies in the past 18
As a member of SVB Financial Group, Silicon Valley Bank offers
its clients commercial, investment and international financial
services, as well as private banking and corporate valuations.
The company also offers funds management, broker-dealer
transactions, asset management and an extensive range of services
for private equity and venture capital firms.
In 2006, Silicon Valley Bank opened a parallel operations
facility in Salt Lake City to provide support and back-operations
company-wide as part of its business continuity strategy. Silicon
Valley Bank employs 60 Utah residents in this facility today.
About Silicon Valley Bank
Silicon Valley Bank provides commercial banking services to
companies in the technology, life science, private equity and
premium wine industries. 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 clients around the world through 27 U.S. offices and five
international operations. Silicon Valley Bank is a member of
global financial services firm SVB Financial Group (Nasdaq:
SIVB), along with SVB Analytics, SVB Capital, SVB Global and SVB
Private Client Services. More information on the company can be
found at www.svb.com.
Banking services are provided by Silicon
Valley Bank, a member of the FDIC and the Federal Reserve. SVB
Financial Group is also a member of the Federal Reserve.