FOLSOM, Calif., March 7, 2012 (GLOBE NEWSWIRE) -- Sierra Vista Bank (OTCBB:SVBA), today announced the commencement of a public offering of 3,250,000 shares of common stock at $2.00 per share. The proceeds will be used to support growth, increase legal lending limits and attract qualified personnel. Assuming all shares are sold in the offering, the pro forma book value will be $2.69 per share.
Sierra Vista Bank has hired Caldwell Securities, Inc., a Sausalito 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 January 27, 2012, Sierra Vista Bank released unaudited financial results for 2011. As of December 31, 2011, Sierra Vista had $80.5 million in total assets, $70.0 million of deposits, $61.1 million in total loans and shareholders' equity of $8.2 million, or $4.06 per share. The ratio of tangible common equity to tangible assets was 10.15% at December 31, 2011. The Bank is considered "well capitalized" as defined by regulatory capital requirements.
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.