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Silicon Valley Bank Expands Venture Banking Services to Private Equity Firms

Company News  | 

SANTA CLARA, CALIF., January 30, 2003 — Silicon Valley Bank, a subsidiary of Silicon Valley Bancshares (SIVB), announced today a new initiative to expand on its success with venture capital firms and their partners by offering its services to private equity firms and funds. Mike Devery has been appointed Venture Liaison for Silicon Valley Bank's Southwest venture relationships and he will lead the group's expanded efforts in the region.

This coordinated initiative will connect Silicon Valley Bank's venture services practices nationwide, increasing and improving service offerings for both existing clients and potential non-venture private equity clients, such as private equity firms, mezzanine funds, buyout funds, hedge funds, and fund of funds. Silicon Valley Bank currently has over 300 venture clients nationwide.

"We have found our comprehensive products and services for venture firms to be very attractive to other private equity firms, and we anticipate Mike and the team will be highly successful with this new, expanded initiative," said Doug Mangum, Silicon Valley Bank's Southwest Division Manager. "In addition, Mike's expertise in working with emerging technology and life sciences companies will be a great asset to existing and new clients in the Southwest."

Devery will be responsible for expanding Silicon Valley Bank's venture relationships in Arizona, Colorado, Texas and the surrounding states. He will also be the point person for Silicon Valley Bank's Venture Connection Program that connects venture firms with clients seeking capital. Lastly, Mike will be responsible for introducing Silicon Valley Bank products and services to private equity firms in the Southwest region.

Prior to this new role, Devery was senior vice president and manager of Silicon Valley Bank's Colorado office that services emerging technology and life sciences companies throughout the state. Devery has also served as senior vice president and account officer in Silicon Valley Bank's Software Practice in Palo Alto, California. Previously, Devery spent three years with Union Bank's Middle Market Group in San Francisco and served for two years in Sony Music's Finance Department in New York City.

Devery is on the Board of the Colorado Technology Incubator (CTEK), and member of its Finance Track committee. Devery serves on the board of WOW, a children's museum focused on the development of science and arts. Devery is also a member of the Colorado Software Association and the Denver Telecomm Professionals.

Devery holds a bachelor's degree in finance from the University of Colorado and a master's degree in business administration from the American Graduate School of International Management.

About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and mature companies in the technology and life sciences markets, as well as other targeted 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 Bank serves more than 9,500 clients across the country through 27 regional offices. More information on the Bank can be found at www.svb.com.
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