In late 2004, Richard and Susan Casey sat down at their kitchen table for a little entrepreneurial discussion with their closest associates. The discussions turned into planning sessions, and those planning sessions set the stage for the Square 1 Bank dream to become reality.
We were breaking records even before the doors were open. With a dream of creating a bank tailored to the needs of entrepreneurs like us, we were able to raise $105 million in private placement – the second largest capital raise for a bank in US history at that time.
All regulatory approvals received. Now that it’s official, we are anxious to open our doors and we have our sights set on many exciting goals.
Square 1 is officially launched with six offices in the entrepreneurial and venture capital hubs nationwide: Austin, Boston, Durham, San Diego, Seattle and Silicon Valley. Later, we increase our footprint by adding four more offices in Boulder, Los Angeles, New York and Washington, DC.
Just three short months after Square 1’s original launch, we open our Washington, DC office to serve the Mid Atlantic region.
Recognizing the immense growth in the New York metro region, and the extensive network and opportunity that we can offer entrepreneurs there, the Square 1 New York office opens.
Square 1 reaches 275 new customers, 75 more than the original goal of 200. With our first hand experience, and unrivaled team of bankers, it seems that entrepreneurs recognize that “we get it.”
Square 1 hits profitability in only 15 months, earning the reputation as one of the fastest growing de novo banks during this period.
The NCTA 21 Award is presented to Square 1 Bank as a support system for new technology based businesses. The award recognizes companies who have shown innovation and leadership in 21 categories and culminates at an awards gala celebrating the tech sector.
Square 1 reaches $0.5 billion in total assets
