Bridge Bank Completes Second Capital Offering
Bridge Bank recently announced the completion of its second capital offering which was closed on June 13, 2002. Daniel P. Myers, President and CEO of Bridge Bank said the bank raised $14.4 million in the campaign that began on April 15 of this year.
"We set our goal at $12 million, so we were very pleased to close the capital campaign 20 percent oversubscribed," said Mr. Myers. "The campaign took about five weeks of active marketing - one week less than our $19.1 million IPO of last spring."
The figure of $14.4 million represents approximately 2.2 million shares of common stock. The shares sold in the campaign had an offering price of $6.50 per share. Mr. Myers said Bridge Bank will use the proceeds of the offering to support continued growth of the bank and to increase the bank's lending capabilities.
Bank Board Chairman Allan C. Kramer, M.D., said he was extremely satisfied with the results of the capital raising effort. "Despite continued uncertainty in the region's economy, our offering was well received in the local investment community. We believe the success of the offering underscores confidence among investors that the bank is headed in the right direction."
Emily V. Ruvalcaba Named Corporate Banking Manager
Corporate finance and banking veteran Emily Ruvalcaba has been appointed to the new position of Senior Vice President and Corporate Banking Manager for Santa Clara. In her new position, Ms. Ruvalcaba will focus on the finance and banking needs of area corporate clients in the Silicon Valley region.
Before joining Bridge Bank, Ms. Ruvalcaba spent 10 years in progressively higher assignments at San Jose National Bank. Most recently she managed the SBA Loan Department and a Commercial Loan Group of that bank. Prior to this, Ms. Ruvalcaba worked at Pacific Western Bank, which was acquired by Comerica Bank. There, she served as Assistant Vice President for SBA Lending, which was the senior officer in the bank's SBA lending unit.
Ms. Ruvalcaba holds a Bachelor of Arts in Management from St. Mary's College. In addition to her undergraduate work, she is currently completing graduate courses at Pacific Coast Banking School, administered by the Graduate School of Business at the University of Washington. Ms. Ruvalcaba is also a guest lecturer at the University of Santa Clara MBA program.
Ms. Ruvalcaba is active in a number of various charitable and professional organizations. In 1995, she received the YWCA's Tribute to Women in Industry, or TWIN award.
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