Press Release

Sam Bhaumik Joins Avidbank to Lead New Venture Lending Group

Company Release - 12/19/2018 6:00 AM ET

SAN JOSE, Calif.--(BUSINESS WIRE)-- Avidbank Holdings, Inc., (OTC Pink: AVBH), a bank holding company and the parent company of Avidbank, announced today that veteran finance executive Sam Bhaumik has joined the Bank as Executive Vice President, Venture Lending Group.

“Part of our ultimate strategy for years has been venture and technology lending, but we needed to wait until we had the balance sheet, capital, infrastructure and governance before we could start the search for the right leader,” stated Mark D. Mordell, Chairman and CEO of Avidbank. “We are excited to have someone of Sam’s caliber and credibility, someone who shares our vision, to lead our newest division.”

“I am very excited to be joining the innovative Avidbank team to lead and build the Venture Banking Division,” stated Mr. Bhaumik. “Avidbank has built a premier banking platform and has developed a strong reputation for providing a high level of client service and customized debt solutions. These core strengths, along with the vast venture banking experience among the senior leaders of Avidbank, will allow us to become a premier provider of banking and lending solutions for early- to mid-stage technology companies and their entrepreneurs nationwide.”

Mr. Bhaumik has more than 25 years of investment and debt financing experience, most recently at Square 1 Bank as Executive Vice President and Silicon Valley Group Head. Prior to Square 1, Mr. Bhaumik was Senior Managing Director and Technology Group Head for Hercules Technology Growth Capital. He also acted as Vice President for NYSE, and held Senior Vice President roles at Comerica Bank and Imperial Bank. Mr. Bhaumik began his career at Silicon Valley Bank.

Mr. Bhaumik received his B.A. in Finance from San Jose State University and holds an M.B.A. from Santa Clara University. He can be reached at 415-525-8775 or sbhaumik@avidbank.com

About Avidbank

Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose, California, offers innovative financial solutions and services. We specialize in commercial & industrial lending, technology and asset-based lending, sponsor finance, real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.

Steve Leen, Chief Financial Officer
(408) 831-5653
www.avidbank.com

Source: Avidbank Holdings, Inc.