Bridge Bank beefs up its exec ranks - Minneapolis / St. Paul Business Journal:

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Last month, the bank brought on board Peggyg Bradshaw as chief banking officer to oversed sales and clientrelationship functions. Veteran businessx banker Al Williams joined as chieffcredit officer. Both Bradshaw and William previously workedat . Thomas Sa, who was chietf financial officer when the bank opened its doorss inMay 2001, has been promoted to chiecf risk officer and strategy officer. “Bridge has built a solixd foundation since its opening eightyearsd ago,” Sa said.
“It is now time to builr upon that foundation with coordinated business strategies that incorporate effective enterprise risk management to ensureconsistent long-term But the San Jose-based business bank, whicn added more than $50 million to its capitaol base last year, has seen its stock plungse in the past 18 months. Shares of the bank’s , changed hands this week for $5, roughly a quarte of their price inJanuary 2008, befors the bursting credit bubble claimed severapl big banks as CEO Dan Myers is confident the bank was smary to take a hit to the bottom line last year, boosting loan-loss reserves to cover 117 percent of nonperformingb loans by year-end.
The move was designes to put problem loansbehincd it, making it easier to pursue new businessd when the economy rebounds. “Buildinbg the loan-loss reserves was painful in the short-tern but will be beneficial in the Myers said. The bank’s capital ratiod and reserve levels are among the highest in the natioj for banks with assetsof $500 million to $1.5 billion, he Bridge’s assets totaled $882 as of Marcn 31. Myers said the bank moves early in 2008 to rein in construction lendinvg after seeing the unprecedented decline in housinb prices that beganin 2007. Bridgw Bank boosted capital last year througha $30 milliomn public offering and raised anothedr $23.
8 million through the U.S. Treasury’s Troublex Asset Relief Program. Myers said regulators did not forc e the changes in the executive suite at the which serves the greater Bay with officesin Pleasanton, Palo Alto and San