Tri-Valley Bank Announces Agreements to Raise $1.35 Million in Private Placement (8/25/15)
SAN RAMON, Calif.--(BUSINESS WIRE)--Tri-Valley Bank (OTC:TRVB) (the “Bank”) announced that it has entered into definitive agreements to sell 3,125,000 shares of its common stock to Gregory Solsrud, and 250,000 shares to two other individual investors through a private placement offering for a total of $1.35 million, or $.40 per share. Subsequent to the closing of this private placement, an existing shareholder will be entitled to exercise anti-dilution rights to purchase up to an additional 814,123 shares of the Bank’s common stock for an additional $325 thousand, also at $.40 per share. On a pro forma basis, the Bank’s Tier 1 leverage ratio would have exceeded 11% if the sale of all shares had been completed as of June 30, 2015.
“This investment signals a vote of confidence in the future of the Bank,” said Arnold Grisham, the Bank’s Chairman, President and Chief Executive Officer. “This capital increase will improve our regulatory capital levels and help us better serve our customer’s borrowing needs as we continue to focus on providing banking services to our local market with great customer service.”
The investments, which have been approved by the Bank’s Board of Directors, are subject to customary closing conditions.
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