OAKLAND, CA--(Marketwire - April 5, 2010) - Community Bank of the Bay (
"Raising capital is no small feat in the current environment," said Brian K. Garrett, the Bank's chief executive officer. He added, "We anticipate that the additional capital will be used to increase lending and expand the Bank into other markets."
"We are extremely pleased by our success in raising this capital in a very difficult operating environment. Our ability to add capital and new investors is a direct result of the strong platform of Community Bank of the Bay," said William Keller, president and chief operating officer of the Bank.
The offering will remain open for a limited amount of time as Community Bank of the Bay seeks to raise up to an additional $7 Million to support future growth.
The Bank's offering circular, which contains detailed information regarding the Bank and the stock offering, can be obtained from Community Bank of the Bay, 1750 Broadway, Oakland, California 94612, telephone: (510) 433-5400.
Community Bank of the Bay serves the financial needs of a variety of commercial customers including businesses, professional service firms, non-profit organizations and churches. Information on the bank is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC.
This press release is neither an offer to sell, nor a solicitation of an offer to purchase. The planned offering will only be made through the Bank's offering circular.
Certain matters discussed in this press release are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward looking statements. Such risks and uncertainties include, among others, (1) significant increases in competitive pressure in the financial services industry; (2) changes in the interest rate environment resulting in reduced margins; (3) general economic conditions, either nationally or regionally, are less favorable than expected, resulting in, among other things, a deterioration in credit quality; (4) changes in the regulatory environment; and (5) changes in business conditions and inflation. Therefore, the information set forth in such forward looking statements should be carefully considered when evaluating the business prospects of Community Bank of the Bay. When the words "anticipate," "seek" and similar expressions are used in this press release, the intention is to identify forward looking statements. Such statements are not guarantees of performance and are subject to certain risks and uncertainties, including those described above. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or believed. The future results and stockholder values of Community Bank of the Bay may differ materially from those expressed in these forward looking statements. Many of the factors that will determine these results and values are beyond the Community Bank of the Bay's ability to control or predict. For those statements, Community Bank of the Bay claims the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.
Contact Information:
Media contact:
Brian K. Garrett, CEO
510 433-5402