Robert Gionfriddo's new role as
Banking Consultant to Heritage Commerce Corp
Heritage Commerce Corp (the "Company") has announced a change in the
role of Robert Gionfriddo, Executive Vice President of Business Development,
member of the Board of Directors and one of the founders of the Company.
Effective July 12, 1999, Mr. Gionfriddo became a banking consultant to the
Company, leaving its employ. In his new capacity, Mr. Gionfriddo will focus
his efforts on business development. He remains a member of the Board of
Directors and continues to serve on committees of the Board, including the
Director's Loan Committee, the Finance and Investment Committee, and the
Business Development Committee. Mr. Gionfriddo remains a significant
shareholder of the Company.
"A key advantage of Bob's new working arrangement is that he is
freed up from administrative duties and will now be able to focus all of his
efforts on business development. Bob's ability to cultivate loan and deposit
relationships is unparalleled, and we are glad that he will continue to
assist in the Company's growth," said John Rossell, the Company's President
and CEO.
"I am proud of what we have been able to accomplish for the Company,"
said Mr. Gionfriddo. "The growth of this Company has been amazing during our
first five years of operations, and I look forward to helping it to maintain
its momentum."
Based in San Jose, Heritage Commerce Corp is the holding company for
its two subsidiary banks - Heritage Bank of Commerce (headquartered in San
Jose, with an office in Morgan Hill) and Heritage Bank East Bay
(headquartered in Fremont, with an office in San Ramon).
Heritage Commerce Corp common stock is publicly traded on the NASDAQ
National Market under the symbol "HTBK."
Forward Looking Statement Disclaimer
This release may contain forward-looking statements that are subject
to risks and uncertainties. Such risks and uncertainties may include but are
not necessarily limited to fluctuations in interest rates, inflation,
government regulations and general economic conditions, and competition
within the business areas in which the Company is conducting its operations,
including the real estate market in California and other factors beyond the
Company's control. Such risks and uncertainties could cause results for
subsequent interim periods or for the entire year to differ materially from
those indicated. For a discussion of factors which could cause results to
differ, please see the Company's reports on Forms 10-K and 10-Q as filed with
the Securities and Exchange Commission and the Company's press releases.
Readers should not place undue reliance on the forward-looking statements,
which reflect management's view only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances.
Heritage Bank of Commerce Announces
Promotion of Daniel P. Myers to EVP/COO
Heritage Bank of Commerce (the "Bank") announced today that Daniel
P. Myers has been promoted to serve as its Executive Vice President/Chief
Operating Officer. Myers was previously Executive Vice President/Senior Loan
Officer of the Bank. John E. Rossell, the Bank's founding President & CEO,
will remain in his current position.
"Dan joined Heritage Bank of Commerce almost three years ago and has
done an excellent job of refining the Bank's lending function," said Rossell.
"While he will remain involved in the Bank's lending and business development
activities, Dan will now also focus his attention on the Bank's broader
objectives."
Myers' banking career spans 17 years, with a strong emphasis in
lending and administration. Prior to joining Heritage in 1996, he served as
Senior Vice President / Manager, Peninsula Region of The Pacific Bank's
Burlingame office. He additionally served as a member of that Bank's
Executive Management Committee.
Myers is a graduate of DePauw University, Indiana, and the Pacific
Coast Banking School at the University of Washington, Seattle.
Heritage Commerce Corp, a bank holding company established February
17,1998, is the parent company of two financial institutions: Heritage Bank
of Commerce, a commercial bank headquartered in the city of San Jose with a
branch in Morgan Hill (which, pending regulatory approval, will become a
denovo bank); and Heritage Bank East Bay, a commercial bank headquartered in
the city of Fremont, with a branch in San Ramon.
Heritage Commerce Corp (the "Company") (NASDAQ: HTBK) reported
consolidated earnings of $674,000, or $0.11 per diluted share, for the second
quarter of 1999. This compared to $53 0,000, or $0.09 per diluted share in
the prior year period. Total assets as of June 30, 1999 were $403,215,000, an
increase of $53,541,000, or 15% from June 30, 1998.
Forward Looking Statement Disclaimer
This release may contain forward-looking statements that are subject
to risks and uncertainties. Such risks and uncertainties may include but are
not necessarily limited to fluctuations in interest rates, inflation,
government regulations and general economic conditions, and competition
within the business areas in which the Company is conducting its operations,
including the real estate market in California and other factors beyond the
Company's control. Such risks and uncertainties could cause results for
subsequent interim periods or for the entire year to differ materially from
those indicated. For a discussion of factors which could cause results to
differ, please see the Company's reports on Forms 10-K and 10-Q as filed with
the Securities and Exchange Commission and the Company's press releases.
Readers should not place undue reliance on the forward-looking statements,
which reflect management's view only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances.