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Square 1 Board of Directors Implements Management Succession Plan

November 17, 2010
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In light of the recent passing of Square 1 Financial’s Founder, President, CEO and Chairman, Richard Casey, the Board of Directors met at their regularly scheduled meeting on November 16 to determine the future management structure of the company.

Effective immediately, Robert Muehlenbeck was appointed as Chairman of the Board of Square 1 Financial, Inc. and Square 1 Bank. Mr. Muehlenbeck has held a board seat with Square 1 since its founding. Prior to his retirement in 1999, he served as Executive Vice President and Director of Imperial Bank (later acquired by Comerica Bank).

A body of six key Square 1 Bank executives was established, under the guidance of Robert Keith, Lead Director of Square 1 Financial, to fulfill the responsibilities and functions of the Chief Executive Officer’s role. These six executives consist of David Brooks, Chief Financial Officer; Susan Casey, Chief Credit Officer; Judith Erwin, EVP, Venture Capital Services; Rocco Perate, EVP, Specialty Lending; Alan Spurgin, EVP, Technology Banking; and Chris Woolley, EVP, Life Sciences and Technology Banking West.

“Richard was the spiritual leader of Square 1, and we have large shoes to fill,” stated Robert Muehlenbeck, newly appointed Chairman. “While his loss was devastating, we have an obligation to Richard’s vision, and to employees, customers, regulators and stakeholders to act quickly and decisively in his absence. The Board has absolute confidence in the talent, experience and commitment of the Square 1 team to grow the legacy that Richard built.”

An Executive Search Committee of the Board of Directors was formed to make recommendations and coordinate a formal recruitment for the permanent successor to Mr. Casey. Both internal and external candidates will be considered.

About Square 1

Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com .



 


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