DURHAM – A familiar face in Triangle entrepreneurship is taking on a new role at Square 1 Bank as the financial firm which focuses on venture banking prepares to take on a new name.
Dhruv Patel, a longtime executive at the Council for Entrepreneurial Development, is now Senior Vice President for Technology Banking at Durham-based Square 1.
Patel left the CED in October 2016 and was named as one of two new executives to Square 1’s east coast “banking team.”
On Tuesday, Square 1 in an email formally announced plans for a new name – Pacific Western Asset Management.
Square 1 will be grouped with Pacific Western Bank’s Venture Banking Group as of April 30.
Pacific Western and Square 1 merged in 2015.
“Over three years ago, Square 1 and Pacific Western Bank merged creating one of the strongest mid-sized banks in the country. Today, we are pleased to share that the Square 1 Bank division will operate as Pacific Western Bank’s Venture Banking Group and Square 1 Asset Management will operate as Pacific Western Asset Management Inc. beginning April 30, 2019,” Square 1 said in the email.
“While we are retiring the Square 1 name, little else about our operations and focus will change. The same culture, creative solutions and exceptional service you have come to expect will continue. The same team you’ve always known will be here, ready to serve your needs. And our commitment to our mission–supporting entrepreneurs, their investors and the VC community–is as strong as ever.”
Square 1 was founded in 2005.
