LAKEWOOD, Colo., March 06, 2018 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTC Pink:SLRK), a bank holding company for Solera National Bank (the “Company”), announced today that it has commenced a rights offering ("Rights Offering") to raise gross proceeds of up to approximately $9.9 million.
The Rights Offering will be made through the distribution of non-transferable subscription rights to purchase shares of the Company’s common stock. Stockholders of record at the close of business on January 29, 2018 will receive one subscription right for every two shares of common stock held. Each whole subscription right will entitle a stockholder to purchase one share of the Company’s common stock at a subscription price equal to $7.25 per share. In addition, stockholders will receive an oversubscription privilege, allowing them the opportunity to subscribe for shares that are not purchased by other stockholders in the Rights Offering. The Company is offering for sale up to 1,365,656 shares of its common stock. The Rights Offering will terminate on May 31, 2018, unless otherwise extended or terminated earlier.
Martin P. May, President and CEO, commented: “We’ve worked hard over the past several years to establish a strong foundation for the Company. We have grown our customer base and earning assets, while delivering solid financial results. We believe this incremental capital will enable us to continue our trajectory of growth and execute our strategic plan.”
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES. THE FULL DETAILS OF THE CAPITAL RAISE AND THE COMPANY’S FINANCIAL STATEMENTS ARE INCLUDED IN THE OFFERING CIRCULAR, WHICH WAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND IS AVAILABLE ON THE COMPANY’S WEBSITE AT HTTP://IR.SOLERABANKONLINE.COM/OFFERING.
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007. Solera National Bank is a community bank serving emerging businesses primarily in the Front Range of Colorado. At the core of Solera National Bank is welcoming, inclusive and respectful customer service, a focus on supporting a growing and diverse Colorado economy, and a passion to serve our community through service, education and volunteerism. For more information, please visit http://www.SoleraBank.com.
Cautions Concerning Forward-Looking Statements:
This press release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this release, which are not historical facts and that relate to future plans or projected results of Solera National Bancorp, Inc. and its wholly-owned subsidiary, Solera National Bank, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
Contact: Martin P. May, President & CEO (303) 937-6422 or Melissa K. Larkin, EVP & CFO (303) 937-6423