Durham, North Carolina-based Square 1 Bank bought Silicon Valley-based Sand Hill Finance. No financial details about the transaction were provided. Square 1 Bank is a full service commercial bank that serves the financial needs of entrepreneurs and the venture capital community. Sand Hill Finance, meanwhile, provides financing solutions for emerging growth firms.
In a statement, Square 1 Bank said the deal included substantially all the assets of Sand Hill Finance. The lender also hired all the employees of the Silicon Valley firm. Sand Hill Finance focuses in the origination and servicing of accounts receivable financing solutions for emerging growth firms across the US.
Square 1 Bank President and Chief Executive Officer Doug Bowers said in a statement, "We are delighted to have completed the acquisition of Sand Hill Finance, and are happy to have the team join the Square 1 Bank family with expertise that complements our existing suite of loan products."
Sand Hill Finance President Mark Cameron said his entire team is also looking forward to joining the Square 1 Bank family and capitalize on the many synergies in both businesses. Sand Hill Finance CFO Ron Ernst added, "We look forward to introducing our financing solutions to Square 1 clients, and bringing Square 1's full spectrum of banking services to our clients."
Square 1 Bank meets the needs of their clients through their focus, expertise and robust capital base. It provides customized products and solutions aid helped by the most recent technological innovations.
A Triangle Business Journal report said the most recent acquisition follows a big year for the lender. The report cited the new credit line extended by Square 1 to San Diego-based Illumina which enabled it to acquire startup Advanced Liquid Logic. The bank also owned majority of the assets of Heat Biologics when it said it would be holding a public offering last May, the report said.
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