Western Alliance Bancorporation and Bridge Capital Holdings Complete Merger
June 30 2015 - 8:01PM
Business Wire
Western Alliance Bancorporation (NYSE: WAL) today completed its
merger with Bridge Capital Holdings (Nasdaq: BBNK). Bridge Bank,
National Association, the operating subsidiary of Bridge Capital
Holdings, has been merged with and into Western Alliance Bank, the
principal operating subsidiary of Western Alliance Bancorporation.
Offices of Bridge Bank will continue to use the Bridge Bank name as
a division of Western Alliance Bank.
The combined company has approximately $13 billion in assets and
48 offices, with banking divisions based in California, Arizona and
Nevada, as well as specialized banking services throughout the
U.S.
“We’re delighted Bridge Bank is becoming part of the Western
Alliance organization, bringing strong expertise in technology,
energy and international banking services to our wide-ranging
solutions for business clients,” said Robert Sarver, Chairman and
CEO of Western Alliance Bancorporation. “Bridge’s Silicon
Valley-centered franchise expands our presence in the vibrant
Northern California market, and extends our reach with added
lending offices in Massachusetts, Texas and Virginia. Bridge’s
enviable core deposit structure also will fuel opportunities for
Western Alliance as the bank continues to grow with our
customers.”
Dan Myers, in his continuing role as President and CEO of Bridge
Bank, commented, “We have found a committed partner in Western
Alliance because we share the same vision of providing excellence
in value-added banking services to the business community. Now as
part of Western Alliance, Bridge Bank will offer clients a broader
set of products and larger credit capacity. Our team is very
dedicated to the successful integration of our combined banking
business.”
In the merger, each share of Bridge Capital Holdings was
converted into the right to receive 0.8145 of a share of Western
Alliance Bancorporation and $2.39 in cash, valued at $29.89 per
share as of today’s closing stock price. Western Alliance is
issuing approximately 13.1 million shares to Bridge Capital
shareholders to complete the transaction.
About Western Alliance Bancorporation
With more than $13 billion in assets, top-performing Western
Alliance Bancorporation (NYSE:WAL) is one of the fastest-growing
bank holding companies in the U.S. Its primary subsidiary, Western
Alliance Bank, is the go-to bank for business and succeeds with
local teams of experienced bankers who deliver superior,
personalized services and a full spectrum of deposit, lending,
treasury management and online banking products and services.
Western Alliance Bank operates full-service banking divisions:
Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First
Independent Bank and Torrey Pines Bank. The bank also serves
business customers through a robust national platform of
specialized financial services including Corporate Finance,
Equipment Finance, Public Finance, Resort Finance, Technology and
Energy Finance, Warehouse Lending, and Alliance Association Bank.
For more information visit westernalliancebancorp.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. The
forward-looking statements contained herein reflect Western
Alliance Bancorporation’s current views about future events and
financial performance and are subject to risks, uncertainties,
assumptions and changes in circumstances that may cause actual
results to differ significantly from historical results and those
expressed in any forward-looking statement. In addition to factors
previously disclosed in Western Alliance Bancorporation’s and
Bridge Capital Holdings’ reports filed with the SEC, some factors
that could cause actual results to differ materially from
historical or expected results include: costs or difficulties
related to the integration of the business following the merger;
failure to realize cost savings and other benefits of the merger;
Bridge Bank customer acceptance of Western Alliance Bank’s products
and services; changes in general economic conditions, either
nationally or locally in the areas in which each company conducts
or will conduct its business; inflation, interest rate, market and
monetary fluctuations; increases in competitive pressures among
financial institutions and businesses offering similar products and
services; and other factors affecting the financial services
industry generally or the banking industry in particular.
We do not intend and disclaim any duty or obligation to update
or revise any industry information or forward-looking statements
set forth in this press release to reflect new information, future
events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150630006633/en/
Western Alliance BancorporationMedia:Robyn Young,
602-346-7352Investors:Dale Gibbons, 602-952-5476
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