Doug Bowers, a 25-year veteran at Bank of America, is the new chief executive officer of Square 1 Bank, which focuses on the venture capital industry.

Bowers succeeds Square 1 founder and CEO Richard Casey, who died in November.

The board named Bowers to the post on Monday. A team of Square 1 executives had run the bank since Casey’s death,

“We are excited to bring on board an individual of Doug’s caliber to lead Square 1,” said Robert Muehlenbeck, chairman of Square 1. “The exhaustive effort undertaken by the Board of Directors led us to someone with a proven track record in leading top performing teams.

“Doug’s broad professional background and obvious leadership skills make him a perfect choice to continue to build on Square 1’s remarkable success,” he added. “Doug brings the energy and determination to realize on the opportunity created by the vision of Richard Casey–to create the financial partner of choice within the venture capital community. I know that our friends and partners in the community will welcome Doug.”

Bowers is a graduate of Ball State University.

“I am delighted to have the opportunity to join Square 1, which serves so many dynamic sectors of the U.S. economy and has been such a success story since its founding,” Bowers said. “Square 1 Bank is very unique in the banking industry. Its mission to serve entrepreneurs and the venture capital community is extremely important in today’s economy. I look forward to working with our dedicated team of banking professionals to build upon Square 1’s success and growth.”

Casey founded Square 1 in 2005.

He is survived by his wife, Susan, as well as daughter Leigh.

Square 1 grew to include 10 offices across the country and has $1.2 billion in assets. Casey raised $105 million in capital from some 200 shareholders to get started.

The bank opened with six offices and 45 employees.

Casey was a former executive with Imperial Bank in California where he worked in the venture division. That group was founded to compete in part with Silicon Valley Bank, another firm focused on technology startups. Imperial was bought by Comerica in 2001.

For more about Richard Casey, read here/

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