SILICON VALLEY, Calif.--(BUSINESS WIRE)--Square 1 Bank, a full service commercial bank serving the financial needs of entrepreneurs in the life science and technology sectors, and the venture capital community, today announced strong momentum in Silicon Valley including new key hires, client wins and key partnerships with local startup incubators.
This news comes on the heels of the MoneyTree™ Report from PricewaterhouseCoopers LLP and the National Venture Capital Association, which found that venture capital firms invested over $5.3 billion (across 514 deals) in Silicon Valley startups in the first half of 2012.
“Venture activity in Silicon Valley remains robust, and Square 1 Bank’s ongoing growth and momentum certainly reflects this. We are committed to being a financial partner that supports growing companies and their investors with the experience, flexibility, speed and creativity they deserve,” stated Sam Bhaumik, Executive Vice President, Banking Silicon Valley.
Recent new hires in Silicon Valley include:
- Benjermin Colombo, Senior Vice President, Life Sciences. He has over 13 years experience working with Silicon Valley startups and venture funds. Previously, he was Senior Manager of Life Sciences at Silicon Valley Bank.
- Philip Korn, Senior Vice President, Venture Capital Relationships/Banking. Previously, he was a managing director at First Republic Bank, where he supported early stage companies and venture firms.
- Timothy J. McDonough, Vice President, Venture Banking. Previously, he was Principal at Hercules Technology Growth Capital.
This hiring corresponds with an increase in new banking clients, including Credit Karma, a pro-consumer company offering free credit scores and credit monitoring; Mixbook, a free online service for creating and sharing personalized photo books; and Vitapath Genetics, which is developing a platform for genomic-based tests that determine an individual's need for targeted therapy in certain medical conditions treatable with vitamins.
Square 1 Bank also continues to support the startup ecosystem through sponsorships and partnerships. It is the official banking partner of Greenstart, which invests in some of the best digital cleantech startups and helps them achieve progress during its 3-month Startup Design™ program. Square 1 is also a resource partner for StartX, a non-profit organization whose mission is to accelerate the development of Stanford's top entrepreneurs through experiential education. Most recently, the Bank sponsored StartX Demo Day on September 6, 2012. Upcoming sponsorships include DEMO Fall 2012 and Venture Alpha 2012.
"Square 1 Bank’s support of StartX and our founder community goes far beyond its banking services. The bank’s strong understanding of entrepreneurs and how to successfully navigate the Silicon Valley startup ecosystem has been an invaluable asset,” stated StartX Partnerships Director John Melas-Kyriazi.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
Forward Looking Statements/Safe Harbor Provision
This release contains “forward-looking statements” that are based on assumptions and may describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, ability to operate new branch offices and loan production offices profitably and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.