FOLSOM, Calif., April 20, 2012 (GLOBE NEWSWIRE) -- Sierra Vista Bank (OTCBB:SVBA), today announced it has revised the terms of its previously announced public offering of up to 3,250,000 shares of common stock at $2.00 per share to include the issue of one non-transferable warrant for each four shares purchased in the offering for no additional charge or consideration. The net proceeds of the offering will be used to support growth, increase legal lending limits, attract qualified personnel and for general corporate purposes. Assuming all shares are sold in the offering, the pro forma book value will be $2.55 per share as of March 31, 2012.
Sierra Vista Bank has engaged Caldwell Securities, Inc., a Sausalito, California based broker-dealer, to assist in the sales effort. This offering is made only by means of a prospectus. Copies of the prospectus can be obtained by writing Caldwell Securities, 30 Liberty Ship Way #3200, Sausalito, CA 94965, or calling (888) 540-2253.
On April 10, 2012, Sierra Vista Bank released unaudited financial results for the first quarter of 2012. As of March 31, 2012, Sierra Vista had total assets of $82.7 million at March 31, 2012, an increase of $2.2 million from December 31, 2011. Loans totaled $55.2 million at the end of March compared to $59.1 million at December 31, 2011. Deposits totaled $72.9 million at March 31, 2012 compared to $70.0 million at December 31, 2011. Non-interest bearing deposits totaled $23.8 million or 32.7% of total deposits at March 31, 2012, compared to $22.0 million or 31.5% of total deposits the previous quarter. Following an $810,000 provision for loan losses that included $600,000 in specific reserves for two restructured loans to one borrower, Sierra Vista lost $697,000, or $0.35 per share, in the first quarter of 2012. This compares to a loss of $21,000, or $0.01 per share, for the first quarter a year ago and a profit of $64,000, or $0.03 per share, in the fourth quarter of 2011. All financial results are preliminary and unaudited.
To learn more about the offering, customers, employees, shareholders and interested investors are invited to attend informational meetings. To learn details of the time and place of these meetings, please visit www.sierravistabank.com.
About Sierra Vista Bank
Sierra Vista Bank is a full-service, California state-chartered bank that prides itself on serving the financial needs of small businesses, professionals and consumers in Folsom and throughout the Highway 50 Corridor east of Sacramento. Sierra Vista Bank began operations in Folsom in 2007 and expanded into El Dorado County with the addition of a branch office in Cameron Park in 2008. The Bank's deposits are insured by the FDIC to the maximum amount allowed by law. For more information on Sierra Vista Bank, visit www.sierravistabank.com
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.