April 14, 2003 -- Comerica (NYSE: CMA), a leading financial services company, announced today that Alan Jepsen has been named managing director of the Northern California Technology and Life Sciences Division (TLSD). Jepsen, who previously served as senior vice president and manager in the division, succeeds Sam Bhaumik, who left the bank to assume responsibility for the Western Region of the New York Stock Exchange.
"Alan has an outstanding track record of working with Bay Area technology companies to meet their financial needs, and is probably one of the longest-tenured technology bankers in the region," said Susan Gill,president of Comerica's TLSD. "Comerica is deeply committed to this market, and we have demonstrated that by continuing to provide credit facilities to venture-backed companies even as overall economic conditions have been less than favorable."
Jepsen has been a technology banker for more than 20 years, after beginning his career as an engineer. He was a member of Bank of America's Technology Banking Division for 10 years, and he was the second employee of Comerica's newly formed Technology Group in 1991. In his new role, Jepsen's responsibilities include managing the Northern California TLSD's five lending groups, which operate out of San Jose, Palo Alto and San Francisco offices; overseeing loan structures; and maintaining portfolio quality.
"Our group has always attacked the market according to the opportunities available to us, and we plan to continue that strategy moving forward," Jepsen said. "One of my challenges will be to ensure that our revenue stream is balanced between early, middle and late stage companies. We're already thinking that 2003 is going to be a reasonably good year, based on the activity that occurred in the first quarter."
Jepsen noted that in 2002, the Northern California TLSD saw deposits grow more than $200 million, stable loan outstandings, and increased portfolio quality, all of which reflect the economic conditions of the time. He also noted that venture capital investments nationally for the first quarter of 2003 were $3.4 billion, compared to $25 billion in the second quarter of 2000, illustrating the soundness of Comerica¹s business strategy of total lifecycle banking.
About Comerica's Technology and Life Sciences Division
Comerica's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 18 offices located across the U.S., Comerica's Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $53 billion in assets as of December 31, 2002.
Media Contacts:
Adrienne Moch
Pacifico
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
