Square 1 Bank in Durham, N.C., has bought Sand Hill Finance, a finance company based in Silicon Valley.

The $2.2 billion-asset Square 1 said in a press release Thursday that it bought substantially all of Sand Hill's assets and hired its employees. Square 1, which specializes in providing banking services to venture capitalists and entrepreneurs, did not disclose the deal's terms.

"We are delighted to have completed the acquisition of Sand Hill Finance, and are happy to have the team join the Square 1 Bank family with expertise that complements our existing suite of loan products," Doug Bowers, Square 1 Bank's president and chief executive, said in the release.