Do any of you SIVB holders got an opinion of GBCB ?
I thought this article looked interesting and worth some
DD.
good evening & good investing ;^) d.a
Monday February 14, 04:06 PM Eastern time
Company Press Release
GBC Bancorp Announces High Tech Business Information
LOS ANGELES--(BUSINESS WIRE)--Feb. 14, 2000--Since its inception in 1995, the high tech division of General Bank, a wholly owned subsidiary of GBC Bancorp, has continued to grow, providing its expertise in international trade financing services and access to its banking relationships in Asia to an increasing number of customers. With four offices in northern California, General Bank presently has 90 million in technology-related loan commitments, both to start-ups and to more mature companies. The Company has received rights to acquire stock in the form of warrants as an adjunct to these banking relationships. It presently holds 20 warrants. The Company also has invested in several venture capital funds that invest in technology companies. There presently are approximately 12 million of commitments to five such funds, 4 million of which is to Idealab funds.
In the press release of January 20, 2000, GBC Bancorp announced that as of December 31, 1999, there was 5.4 million of potential pre-tax income from currently restricted-from-sale shares of public companies. The company failed to include a significant holding by a venture capital fund in that number. If it had been included, the amount would have been 12.3 million. These shares were acquired from the exercise of warrants and also are undistributed holdings of venture capital funds. This does not include appreciated stock of private companies or the underlying value of stock obtainable from the exercise of warrants from private companies. Both are expected to be an additional source of income in the future. The timing and amount of income from equities obtained from both warrants and venture capital funds is largely out of the company's control, and will depend upon the equity markets and merger and acquisition activity.
Certain statements contained herein, including, without limitation, statements containing the words "anticipates," "expects," and words of similar import, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economics and business conditions in those areas in which the Company operates demographic changes competition fluctuations in interest rates changes in business strategy or development plans changes in governmental regulation and credit quality. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
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Contact:
GBC Bancorp, Los Angeles
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