FOLSOM, Calif., Sept. 7, 2012 (GLOBE NEWSWIRE) -- Sierra Vista Bank (OTCBB:SVBA) today announced that it has raised $2,363,200 issuing 1,181,600 common shares at $2.00 per share. For every four shares purchased, one non-transferable warrant was issued with expiration in 2016 exercisable at $2.00. The net proceeds of the offering will be used to support growth, increase legal lending limits, attract qualified personnel and for general corporate purposes. As of June 30, 2012, the pro forma book value would have been $3.00 per share and the leverage ratio would have been 11.72%. The Bank utilized Caldwell Securities, Inc. to act as its placement agent to assist with the Offering.
"A significant portion of the offering was purchased by local investors," said Gregory Patton, President and CEO. "The support from our local community has been very strong, and we are very encouraged by the participation of our customers, neighbors and colleagues."
About Sierra Vista Bank
Sierra Vista Bank is a locally owned community bank headquartered at 1710 Prairie City Road in Folsom, California since March 2007 and has a branch located in the Sam's Town Center in Cameron Park. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling (916) 850-1500.
Forward Looking Statement:
In addition to historical information, this press release includes forward-looking statements, such as statements regarding increases in non-interest income, future profitability, the bank's ability to address challenges impacting economy in which it operates and future loan losses, which reflect management's current expectations for the bank's future financial results and business prospects. Forward-looking statements are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: (a) changes in competitive pressures among depository and other financial institutions or in the bank's ability to compete effectively against larger financial institutions in its banking market; (b) actions of government regulators or changes in laws, regulations or accounting standards, that adversely affect the bank's business; (c) changes in interest rates and/or inflation; (d) changes in general economic or business conditions and the real estate market in the bank's market; and (e) other unexpected developments or changes in the bank's business or its customers' businesses. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.