Tuesday, July 01, 2014 12:34:20 AM
June 30, 2014 10:00 AM
LAFAYETTE, Calif.--(BUSINESS WIRE)--California Bank of Commerce (OTCQB:CABC) announced today it completed its capital offering of $16 million in common equity.
“The new capital will allow the Bank to expand relationships with our existing clients, and allows us to meet the loan and deposit needs of larger commercial companies”
“We reached our maximum raise of $16 million five weeks after launching our public offering,” said Stephen Cortese, Chairman of the Board. The public offering attracted both existing shareholders and new shareholders, including a number of institutional investors. The Bank’s board and management also invested significantly in the capital raise. “It has been awhile since a Northern California bank has raised capital in a public offering to execute a growth strategy, and we are proud of our accomplishment,” said Cortese.
The Bank’s public offering was oversubscribed. “The new capital will allow the Bank to expand relationships with our existing clients, and allows us to meet the loan and deposit needs of larger commercial companies,” said Terry Peterson, President and CEO. Peterson added, “Our growth strategy also includes providing accelerated career opportunities for our existing bankers and sets a course to commence hiring additional business bankers, including credit and treasury management professionals.”
The Bank’s counsel for this offering were Ernie Panasci and Ryan Behrman of Stinson Leonard Street LLP. Robert Rogowski and Joey Warmenhoven of McAdams Wright Ragen, Inc. acted as financial advisors to California Bank of Commerce, and a portion of the offering was placed by Joey Warmenhoven of McAdams Wright Ragen, Inc.
http://www.businesswire.com/news/home/20140630005290/en/California-Bank-Commerce-Completes-16MM-Common-Equity
*CABC is one of the banks that replaced their $11MM TARP loan from the Treasury with a loan from the Small Business Administration (SBLF fund).
You can read about that program here:
http://online.wsj.com/news/articles/SB10001424052970204138204576603100469929700
Marker:
California Bank Of C (CABC)
$10.75 up 0.2 (1.90%)
Volume: 600
FD: I do not own shares of CABC at this time.
"We Don't Need New Taxes, We Need New Taxpayers" ~~ Sen. Rubio
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM