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These risks and uncertainties include, but are not limited to: (1) competitive pressures in the banking industry; (2) changes in interest rate environment; (3) general economic conditions, nationally, regionally, and in operating markets; (4) changes in the regulatory environment; (5) changes in business conditions and inflation; (6) changes in securities markets; (7) future credit loss experience; (8) the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control; (9) civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; and (10) the involvement of the United States in war or other hostilities |
Bridge Bank Provides Sorrento Capital $6.2 Million Credit Facility
New Working Capital Line Strengthens Sorrento’s Balance Sheet and Fuels Continued Growth “At a time when most banks have been forced to the sidelines or have voluntarily left the lending arena all together, we are pleased to find a new commercial banking partner in Bridge Bank that has the resources and expertise to service an emerging market business,” said Tyler Aldous, Chief Financial Officer of Sorrento Capital. “Sorrento’s subsidiary organizations have grown tremendously, hiring over 300 new employees in the past six months, and we see further expansion and growth in both the short- and long-term future as the financial markets dislocation runs its course. This facility will free up working capital and allow us to not only assist more consumers, but also to keep growing and creating more jobs in this troubled economy.” According to articles published within the past two months on CNNMoney.com, the lack of available credit to businesses is preventing owners from creating jobs. A December 19, 2009 article states that “businesses are still struggling to find financing” and that “many banks are reluctant to lend” to businesses in the current economic climate. Furthermore, a January 4, 2010 article cites data from the Treasury Department stating that, “from April to October, the nation’s largest banks shrunk their collective business lending balance by 4.3%, cutting $11 billion in credit.” Sorrento Capital and its wholly owned businesses, Mortgage Outreach Services, ReviseMyLoan.com, and Consumer Outreach Services are focused on assisting and enhancing the financial health of consumers while helping investors, lenders, and servicers to proactively address and resolve complex borrower issues. “Sorrento Capital is uniquely poised to help homeowners participate in some of the government sponsored programs aimed at providing mortgage relief and we’re pleased to be helping them to keep providing much-needed solutions to consumers and businesses,” said Scott Chamberlin, Senior Vice President and Market Manager at Bridge Bank, N.A. “Sorrento Capital is a great addition to our growing portfolio of clients in Southern California as we continue to evaluate opportunities in this recovering marketplace.” About Sorrento Capital About Bridge Capital Holdings
Forward Looking Statements Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations, such as, for example, the Company's plans to divest itself of non-performing assets, to sell convertible preferred shares and expectations regarding capital ratios. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Company, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Company's ability to reach definitive agreements regarding and to subsequently complete the sales of nonperforming assets and convertible preferred shares, the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control. The reader should refer to the more complete discussion of such risks in Bridge Capital Holdings' annual reports on Forms 10-K and quarterly reports on Forms 10-Q on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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