SAN JOSE, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc. (“the Company”) (OTC Pink: AVBH), a bank holding
company and the parent company of Avidbank (“the Bank”), an independent
full-service commercial bank serving businesses and consumers in
Northern California, announces the opening of its new San Jose
Headquarters office and Palo Alto Retail branch.
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Avidbank's new San Jose Headquarters (Photo: Business Wire)
The new San Jose Headquarters, which opened for business on November 13,
is located at 1732 North 1st Street on the 6th Floor. One determining
factor for the move to San Jose is that the majority of Avidbank’s staff
lives in the South Bay.
“Retaining our two most valuable assets – our clients and employees – is
our main priority,” stated Mark D. Mordell, Chairman and CEO. “Many of
our employees live in the South Bay, and a San Jose Headquarters with a
shorter commute will provide them a more balanced and productive
lifestyle. The move also makes sense in that we will have a more robust
employee base in the San Jose area as we continue to grow.”
Avidbank’s growth over the past five years has more than doubled the
number of employees and the Bank had outgrown its Palo Alto
headquarters. Due to the significant rents in Palo Alto compared to San
Jose, and to improve the ability to recruit and retain employees,
expanding required infrastructure in the South Bay made the most sense.
The Bank is more than doubling its overall facility space with only a
modest increase in costs.
Avidbank has also opened a new Palo Alto retail branch at 437 Lytton
Avenue, Suite 100, with the responsive services that clients have come
to expect. The Bank originally opened its doors in Palo Alto in 2003 and
remains dedicated to its local clients.
“Palo Alto has been an integral part of our history and success,” Mr.
Mordell pointed out. “We want to maintain our presence in Palo Alto, but
with a more modern, efficient facility and twice the parking capacity
for our clients’ convenience.”
Mr. Mordell continued, “These changes and upgrades to our facilities,
combined with our successful capital raise in July of this year, should
provide us with the infrastructure necessary to take the Bank to the
next level.”
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, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
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Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.