Robert Gionfriddo Named President of Bridge Bank's Specialty Markets Division
On November 27, 2002, Daniel P. Myers, President and CEO of Bridge Bank, N.A. announced that Robert P. Gionfriddo has been named President of the bank's Specialty Markets Division. Mr. Gionfriddo was previously Executive Vice President and Chief Business Development Officer.
The Specialty Markets Division is a new business unit for fast-growing Bridge Bank. Mr. Gionfriddo will focus on developing customized products and services to meet the unique financial needs of middle-market companies that have specialized cash management and operations requirements.
"I look forward to leading this new division and I am eager to tackle the many opportunities for the bank in my new capacity," said Mr. Gionfriddo. "I want to establish Bridge Bank as the leading business financial solutions provider to companies in Silicon Valley."
Active in the community, Mr. Gionfriddo is a member of the Rotary Club of San Jose and Civic Club of San Jose. He has served on many nonprofit boards and committees, including the Children's Discovery Museum and the American Cancer Society of Santa Clara Valley. He is also frequently involved in fund-raising for many area charitable organizations.
Bridge Bank Assets Grow 150% over Prior Year
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On October 17, 2002, Bridge Bank released financial results for third quarter ended September 30, 2002 reporting total assets of $170.0 million, compared to $68.1 million for the same date one year earlier and $96.2 million at December 31, 2001. The increase in total assets represented growth of $101.9 million, or 150%, compared to September 30, 2001, and $73.8 million, or 77%, compared to December 31, 2001.
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The Bridge Bank SBA Lending Group has been in operation for just seven months, but is ranked the10th most active lender in the San Francisco District by the Agency for the fiscal year ended September 30, 2002. The bank generated over $13 million of SBA guaranteed loans within the San Francisco District and has generated over $18 million of loans statewide.
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The Bank's total deposits were $142.4 million as of September 30, 2002, compared to total deposits of $51.3 million at September 30, 2001, and $80.1 million as of December 31, 2001. The increase in deposits represented growth of $91.1 million, or 178%, and, $62.3 million, or 78%, compared to September 30, 2001 and December 31, 2001, respectively.
The Bank reported total loans outstanding at September 30, 2002 of $108.1 million, which represented an increase of 482% over $18.6 million for the same date last year. Loans outstanding at September 30, 2002, represented an increase of $71.8 million, or 198%, compared to $36.3 million at December 31, 2001.
To support the pace of growth, on June 13, 2002, the Bank announced the successful completion of a secondary capital offering which raised $14.4 million. The new capital was obtained through the sale of approximately 2.2 million shares of common stock at $6.50 per share. At September 30, 2002, the Bank's leverage ratio, tier one capital divided by average total assets, was 19.0%, substantially above the regulatory standard of 5.0% for "well-capitalized" institutions.
Bridge Bank Awarded SBA Preferred Lender Status and Ranked 10th Most-Active SBA Lender
"Preferred Lender status is the SBA's premier accreditation. Only the most expert lenders qualify for SBA's streamlined lending programs. They are chosen from among the agency's top lenders and enjoy full delegation of lending authority," said Mr. Myers, President and Chief Executive Officer of Bridge Bank. "Preferred lenders directly approve loans on behalf of the SBA, resulting in better service for Bridge Bank clients, faster loan approvals, and quicker disbursement of funds."
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"We are delighted to be designated an SBA Preferred Lender," said Ralph Barnett, Executive Vice President and Manager of Bridge Bank's SBA Lending Group. "This status allows Bridge Bank to approve SBA loans right in our office. Preferred Lender status will assist Bridge Bank in streamlining its already simple lending process and provide the capital that businesses throughout Northern California need." |
The Bridge Bank SBA Lending Group has been in operation for just seven months, but is ranked the10th most active lender in the San Francisco District by the Agency for the fiscal year ended September 30, 2002. The bank generated over $13 million of SBA guaranteed loans within the San Francisco District and has generated over $18 million of loans statewide.
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"Being ranked in the top ten so quickly is quite an achievement, since there are 70 SBA lenders in the SBA San Francisco District," said Mr. Barnett. "And that puts Bridge Bank among the top ranks of the 200 SBA lenders in the state of California."
"Bridge Bank has clearly demonstrated its commitment to the SBA program," said Mark Quinn, Director of the San Francisco SBA District Office. "Preferred Lender status for Bridge Bank was a logical step as the Agency cuts the paperwork and red tape and shifts to more private-sector involvement in the lending process. Preferred lending fosters a closer relationship between borrower and lender, speeds up loan approvals, and increases small business access to capital."
Introducing Bill Pay Service
Available to Bridge Bank's Internet Banking Customers
- Electronic Payments - Pay bills electronically
- Write a Check - Make individual payments to anyone
- Quick Pay - Pay several bills on one convenient screen
- E-Bills - Receive bills electronically and view statements online
- Repeating Payments - Schedule reoccurring payments to save time
- Payment History - Review the status and history of payments made or pending
- Contact Bridge Bank at 408.423.8500 to set up your account quickly and easily
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