As part of the celebration and in appreciation of the Palo Alto community, Bank of West presented a donation to the non-profit BUILD â Businesses United in Investing, Lending and Development. Through entrepreneurship-based, experiential learning, BUILD prepares youth from under-resourced communities for high school, college, and career success.
We consider it a privilege to serve the families and businesses of Silicon Valley, said Bank of the West Chairman and CEO Michael Shepherd. Our new Palo Alto wealth management center builds upon our long tradition in this vibrant community dating back to 1874, when our bank was founded in San Jose.
To formally welcome clients, Bank of the West hosted a client grand opening event including a ribbon-cutting ceremony and a brief presentation by bank executives and Palo Alto Mayor Karen Holman.
The newest Palo Alto location adds to Bank of the Wests expanding number of wealth management centers, now found in California in San Jose, San Francisco, Walnut Creek, Indian Wells, Newport Beach, Los Angeles, Beverly Hills, and Pasadena; in Omaha, Nebraska; Overland Park, Kansas; and Denver, Colorado. At each of these locations, a team of private client advisors and other wealth management professionals provide clients with the personalized attention to chart and achieve their financial goals, alongside access to the international capabilities of Bank of the Wests parent company, BNP Paribas.Â
Bank of the West is proud of our growth and expansion in Silicon Valley, which is in many ways the epicenter of innovation and entrepreneurship in America. As a result, we are opening this new center dedicated to service affluent, high net worth and ultra-high net worth individuals who live and work in the area, said John Bahnken, senior executive vice president and head of the Wealth Management Group. The opening of the wealth management center is another way we are continuously striving to provide our customers the outstanding service they expect and deserve.
Hosted events at the new Wealth Management Center:
In addition to addressing clients wealth management needs at the new 531 Cowper Street center:
- Clients benefit being able to enjoy an open, interactive environment which may be used as a temporary work space - featuring Wi-Fi, a coffee bar, and a conference room.
- Clients and community organizations may register to use the space to host meetings.
- From October 12 to November 12, 2015 Bank of the West will showcase the exhibit Wave by BNP Paribas. The exhibit â which is open to the public - aims to provide inspiration and a forum for discussion and sharing about How Collective Ingenuity is Changing the World.
About Bank of the West Wealth Management:
Bank of the West Wealth Management provides wealth planning, investment management personal banking and trust services. The group is part of BNP Paribas global wealth management business of more than 6,300 professionals in 30 countries worldwide with $15.5 billion as of June 2015* in assets under management inÂ the United StatesÂ and â¬332 billion ($372 billion) in assets under management globally as ofÂ March 2015.
About Bank of the West:
Bank of the West is a regional financial services company chartered in California and headquartered in San Francisco with $70.9 billion in assets as of March 31, 2015. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 offices in 22 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with 185,000 employees.Â
Deposit and loan products offered by Bank of the West
Member FDIC. Equal Housing Lender.
Â2015 Bank of the West.
Look at the events of recent years: The 2008 financial crisis and the recession that followed put many companies out of business, and the credit freeze that followed made it extremely difficult for others to continue operations, let alone add facilities, buy equipment or hire new people. Physical disruptions such as Hurricane Sandy put many more companies out of business, while others took months to recover.Disruptions take many forms
Companies lose essential data to computer glitches and to cyber-criminals. They see key suppliers go out of business. They suffer through product recalls, damaging rumors and costly litigation. In some cases, they are defrauded or otherwise victimized by their own employees.
As a wealth planning strategist, I can tell you that banks dislike disruption and uncertainty even more than business owners do. When granting or renewing credit lines, we often ask about plans for "worst case" scenarios. Unforeseen events that threaten the company's cash flow, creditworthiness and ultimate viability can create stress in the borrower's ability to repay.
I urge our clients to think through these issues and to lay out, in an orderly fashion, disruptive events that may realistically occur and steps that can be taken to prevent such things from taking place. If that is not possible, companies need plans to remediate the damage, keep the business going and get on the path to recovery as soon as possible.
Obviously, each business is different and faces its own set of risks. In meetings with clients, however, I have found that a basic checklist helps get the discussion pointed in the right direction. Key elements include:1. Business continuity
Owners should think about what happens if, as with so many companies during Hurricane Sandy, the physical premises become uninhabitable. Is there access to backup office space, or are there other arrangements that can be made? Can some employees work from home, and, if so, do they have adequate phone and computer links to the business and to customers?2. Backup sourcing
What are the vital elements in terms of supply, transportation, communications and energy? Is there access to power through on-site generators or other sources? Are employees linked through mobile devices or other means?3. Data security
Many companies simply cannot function without access to essential data. Objective, outside experts should review procedures in place for protecting, storing and backing up data, both physically and via the cloud.4. Financial security
Insurance coverage for business interruption as well as damage to assets should be in place before it is needed. The same is true for backup lines of credit, emergency funds and other financial safeguards. Depending upon the size of the company and the type of business it conducts, it may be advisable to set up a captive insurance company so that claims and other issues can be readily dealt with if an event takes place.5. Lines of communication
Having a plan won't mean much if it hasn't been communicated to employees, or at least to top managers. Again, depending upon the size and scope of the business, it may make sense to hold meetings or even conduct run-throughs to make sure that people know their responsibilities in the event of an emergency.Other issues
One of the other issues we discuss when we "think about the unthinkable" is the way the business is structured, owned and managed. If the owner is the sole proprietor, what happens if he or she dies? If the business depends heavily upon the efforts of a few key salespeople, what happens if they depart for a competitor, taking key customers with them?
There are legal arrangements -- including non-compete contracts -- and financial arrangements such as "key man" insurance that can protect against the unexpected departure of essential people. It is surprising, however, how many companies operate on handshake agreements with little or no formal protection against such contingencies. In the planning process, it makes good sense to sit down with a wealth planning strategist to guide and coordinate other relevant parties and ensure the right mechanisms are in place.
Over the years, I have seen the benefits of good contingency planning for privately owned companies. Owners sleep better at night knowing that they have done all they can to prepare their business for an emergency, protecting themselves and their families in the process. Relationships with their bankers improve, because the bankers like to see a clear plan for dealing with unexpected events. Best of all, if and when a disruptive event actually does happen, the business with a strong contingency plan is more likely to survive. The business may even grow stronger as it picks up market share from competitors that failed to think about the unthinkable.
First Foundation Inc. (NASDAQ:FFWM) : On Monday heightened volatility was witnessed in First Foundation Inc. (NASDAQ:FFWM) which led to swings in the share price. The shares opened for trading at $20.01 and hit $20.1 on the upside , eventually ending the session at $20.06, with a gain of 0.3% or 0.06 points. The heightened volatility saw the trading volume jump to 4,626 shares. The 52-week high of the share price is $23 and the company has a market cap of $164 million. The 52-week low of the share price is at $17.5001 .
Shares of First Foundation Inc. rose by 2.45% in the last five trading days and 6.19% for the last 4 weeks. First Foundation Inc. is up 5.58% in the last 3-month period. Year-to-Date the stock performance stands at 10.58%. On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Fix Warren D, Director of First Foundation Inc. had purchased 950 shares on June 12, 2015 in a transaction. The price per share was $18.95 and the total amount of the disclosed transaction was $18,003.The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. This information is based on open market transaction at the market prices.
First Foundation Inc. is a registered bank holding company. It is a California based financial services company that provides a platform of personalized financial services to high net-worth individuals and their families, family businesses and other affiliated organizations. The Company operates in two segments: Banking (FFB) and Wealth Management (FFA). The Company considers high net-worth individuals to be individuals with net worth, excluding their primary residence, of over $1.0 million. As of December 31, 2013, it had $2.59 billion of assets under management (AUM), $1.04 billion of total assets, $904 million of loans and $802 million of deposits. Its investment management, wealth planning, consulting, and trust services provides the Company with substantial, fee-based, recurring revenues, such that in 2013, its non-interest income was 36% of its total revenues.
Ally Financial Inc (NYSE:ALLY) decreased 2.37% and closed at $21.85 in the last trading session with the overall traded volume of 2.66 million shares, versus the average volume of 3.88M shares. Its fifty two week range was $18.63 -$25.01. It has market cap of $10.78 billion.
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UBS Group AG (USA) (NYSE:UBS) together with its auxiliaries, provides wealth administration, retail and corporate, asset administration, and investment banking products and services worldwide. The company's Wealth Administration division provides financial services to wealthy private clients. This division offers investment administration solutions and wealth planning and corporate finance advisory services, in addition to a range of specific offerings. Its Wealth Administration Americas division provides advice-based solutions and banking services through financial advisors to ultra high net worth and high net worth individuals and families. This division operates domestic United States and Canadian business, in addition to international business booked in the United States.