Technology Credit Union Reinvents Its Commercial and Business Banking Group to Better Serve the High Tech Community

The Silicon Valley Credit Union Plans to "Connect" Startups and Young Businesses to Its Ecosystem of Member Companies and Partners


SAN JOSE, CA--(Marketwire - November 16, 2010) - Technology Credit Union, based in Silicon Valley, announced today it has hired Herman A. White, Jr., as Senior Vice President of Commercial and Business Banking. In White's new role, he will help reinvent Tech CU's commercial and business banking division -- driving growth by connecting startups and young businesses to the credit union's network of high-tech member companies, partners and vendors.

White has more than 24 years of experience working in commercial and venture banking and private equity. Prior to joining Tech CU, he was the managing director and co-founder of Crossbridge Venture Partners in San Bruno, Calif., a $40 million venture capital fund. White also served as a senior vice president and team leader at Silicon Valley Bank for the communications and online services market and he was a vice president of technology banking at Sumitomo Bank, Ltd., focusing on the electronics and technology industries. As the new SVP of Commercial and Business Banking for Tech CU, White will continue to play an active role in the community of emerging companies, angels and venture investors in Silicon Valley.

"We're moving into a new era in commercial and business banking," explained White, "where financial institutions play a bigger part in the growth of young businesses by helping to make connections and build relationships. We're uniquely able to serve our member companies that way because Tech CU has been a part of Silicon Valley since its beginning (we were founded by Fairchild Camera and Instrument Semiconductor Division), and today we're the credit union for many of the biggest high-tech companies in the world."

Tech CU was one of the first credit unions in the country to offer business-banking services to its members. Launched in July 2006, its Business Banking Suite includes business and checking accounts, commercial loans and lines of credit (including real estate loans), money market and certificate of deposit accounts, health savings accounts (HSAs), special purpose escrow accounts (SPEA), small business payroll services and merchant processing, and small business resources such as marketing services, web hosting and investments services. Tech CU also offers a comprehensive line of wealth management services for companies and individuals.

White says Tech CU is evolving and will continue to be more proactive in helping to connect its business members to funding sources through its relationships with angel groups, incubators/accelerators, niche venture capital firms, strategic investors and member companies. Tech CU also has the ability to link companies to its partner ecosystem, which includes: technology companies, corporate development consultants, service companies in recruiting, legal and accounting service providers, and entrepreneurial associations.

In addition, the credit union offers alternative financing for startups and young businesses that may not qualify for traditional bank loans. For example, Tech CU recently launched an Asset Based Loan (ABL) program, whereby a business can pledge its assets as collateral for a short-term loan that gives the company access to financing while helping it establish a credit history.

"Many startups and emerging growth companies are in a Catch-22," said White. "They need cash to help them accelerate growth, but because they are young or very small and probably don't have the credit history that's required for securing a traditional loan. We work with our member companies one-on-one to find a solution and help them navigate the Silicon Valley ecosystem."

For more information on Tech CU's Commercial and Business Banking, go to www.techcu.com/business.

ABOUT TECHNOLOGY CREDIT UNION

Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Technology Credit Union has served the high tech workforce in Silicon Valley for 50 years. Today, Tech CU has extended its membership benefits to small businesses and individuals who live and work in the greater Bay Area. The credit union is recognized as one of the best-managed and strongest financial institutions in the country. Tech CU's 77,000 members have access to 60,000 surcharge-free ATMs nationwide, online and mobile banking, 9 full-service branches in the Bay Area, and comprehensive wealth management and small business services. To learn more about Tech CU, visit www.techcu.com.

Contact Information:

Contact Information:
Tawnya Lancaster
Public Relations
Phone: 408-205-1618
tlancaster@lancaster-group.com