When James Mayer became an executive vice president with Heritage Commerce after its 2007 acquisition of Diablo Valley Bank, where he served as president, his employment agreement called for him to receive a severance payment of $300,000 paid in equal installments over 18 months after his resignation.
Mayer, 67, who resigned on April 30, will have to wait Read the rest of this entry »
The parent company of Silicon Valley Bank said today it received “preliminary approval” from the U.S. Treasury Department to partake in its Troubled Asset Relief Program (”TARP”) and receive up to $235 million under its Capital Purchase Program, according to a press release issued by SVB Financial Group today.
The company plans to submit final documentation to the Treasury in order to close the proposed transaction before Dec. 31.
The news comes about a week after Read the rest of this entry »
Heritage Commerce, the parent company of San Jose-based Heritage Bank of Commerce, decided to take up the Treasury Department’s offer for an infusion of $40 million in cash in exchange for 40,000 shares of preferred shares and warrants to buy 462,963 shares of its common stock. As is the case with its investments in other U.S. banks, the preferred shares will earn a 5 percent annual dividend for the first five years with a bump up to 9 percent thereafter.
The warrants, which have Read the rest of this entry »
William J. Del Biaggio Jr., a director and founding chairman of Heritage Commerce, parent company of Heritage Bank of Commerce, resigned from the boards of both Monday, according to a filing with the SEC on Thursday. San Jose-based Heritage Bank of Commerce last month sued Del
Biaggio’s son, William ”Boots” Del Biaggio III (pictured here with his father), accusing him of using trading accounts that were not his to secure a $4 million loan with the bank that he has not repaid. Read the rest of this entry »
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