Startup technology companies have a potential new source for financial banking as of Monday.

Square 1 Bank formally opens its headquarters at the American Tobacco complex in the Bull City. Square 1 raised $105 million in capital from some 200 shareholders to get started.

The bank is also opening operations in Seattle, Palo Alto CA, Boston, Austin and San Diego. It already has some 45 employees.

Richard Casey, a former executive with Imperial Bank in California where he worked in the venture division, is Square 1’s founder. The group was founded to compete in part with Silicon Valley Bank, another firm focused on technology startups. Silicon Valley Bank has an office in RTP. Imperial was bought by Comerica in 2001.

“Recently, I decided to re-form the band,” Casey told The Seattle Times.

Square 1 intends to focus on startup technology firms with no revenues or profits, Casey has said in media reports. Square 1 will seek interest as well as stock warrants in return for its loans.

The $105 million in backing is a record for a startup bank in North Carolina.

Media reports have indicated Casey could have raised $200 million.

The bank is positioning itself as a competitor for Silicon Valley Bank, among others.

“Silicon Valley Bank has had this playing field all to itself for a long time, and they did a good job of weathering the bust,” an executive for a software startup in Austin told The Austin American-Statesman. “But if I can get the same amount of money for a lower interest rate with maybe smaller numbers of warrants, I’m going to think about it.”

The banks web site ( ) is still under development.