Silicon Valley Bank Expands Presence in Utah
Company News | August 25, 2008
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 entrepreneurs."
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 months.
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.
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