OAKLAND, Calif., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Community Bank of the Bay (CBYAA), a San Francisco Bay Area commercial bank with full service offices in Oakland, Danville and San Mateo, announced the launch of a private placement of up to 544,740 shares of its Series A Common Stock at a price of $7.50 per share solely to accredited investors. Proceeds from the Offering will be used for general working capital purposes, including funding loans and investments. The Offering will terminate on March 15, 2019, unless extended at the sole discretion of the Board of Directors of Community Bank of the Bay.
This Offering follows the successful private placement of 1,533,333 shares of Series A Common Stock to several highly sophisticated investors at $7.50 per share on October 16, 2018.
“It has been almost eight years since the Bank last offered shares to the public, and since that time the Bank has grown almost three fold. After successful private placements to institutional investors in 2017 and 2018 that collectively raised almost $23 million the Board wanted to provide local supporters and clients with an opportunity to participate in the future success of the bank,” said William E. Purcell, Chairman of the Board. “This Offering, which is being made at the same price as the 2018 Private Placement does that.”
This announcement constitutes neither an offer to sell nor a solicitation of an offer to buy these securities. The Offering is being made solely to accredited investors by means of a Private Placement Memorandum and Subscription Agreement and Accredited Investor Questionnaire that may be obtained from Daniel Northway, Community Bank of the Bay SVP & CFO, at 510-433-5407 or dnorthway@BankCBB.com.
About Community Bank of the Bay
Community Bank of the Bay (OTCBB:CBYAA) serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with full service offices in Danville and San Mateo, CA. It is also California’s first FDIC-insured certified Community Development Financial Institution and one of only four now operating in the Bay Area market. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and projects and supports environmentally responsible values. Additional information on the bank is available online at www.BankCBB.com.
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations, and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
Media Contacts: William S. Keller, President & CEO, 510-433-5404 wkeller@BankCBB.com