Avidbank saw unaudited consolidated net income of $3.452 million for the third quarter of 2019 compared to $2.865 million for the same period in 2018.
Other year-to-date and third quarter 2019 highlights included:
Mark D. Mordell, Avidbank chairman and CEO, stated, “We continue to be committed to a strong growth strategy to achieve scale and optimal profitability. We are also continuing to be opportunistic when identifying additional personnel and infrastructure that can be accretive to our cause. We have added several new employees in the first nine months of 2019, reflecting the expansion of our Venture Lending and Structured Finance divisions that are key areas for diversification and growth. Additionally, we invested further in administrative infrastructure as we scale. We have added personnel in Credit Administration, Operations, BSA and Gina Thoma-Peterson, our first chief operating officer, started in September. The individuals we have in leadership and support roles position us well to continue our franchise growth strategy to scale our balance sheet and operations to serve our markets.”
Headquartered in San Jose, CA, Avidbank specializes in commercial & industrial lending, venture lending, structured finance, asset-based lending, sponsor finance, real estate construction and commercial real estate lending.
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