Western Alliance Bancorporation has completed its merger with Bridge Capital Holdings. 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.
Western Alliance Bancorporation is one of the fastest-growing bank holding companies in the U.S., with more than $13 billion in assets. Its primary subsidiary, Western Alliance Bank, offers business 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.