LAFAYETTE, Calif.--(BUSINESS WIRE)--
California Bank of Commerce (OTCQB:CABC) announced today its secondary
public stock offering to raise $12 million in additional equity capital
to fuel the Bank’s loan and deposit growth. The Bank has received
approval from the California Department of Business Oversight (DBO) to
raise additional capital.
CABC earned a record profit after tax of $2.6 million in 2013 and
continued its impressive earnings growth during the first quarter of
2014 with record quarterly operating earnings. The Bank continues to
attract quality clients and maintains a strong and healthy loan
portfolio. “We are excited about the opportunities we see in our market
and look forward to expanding our capacity to bank middle market
businesses in Northern California,” said Terry A. Peterson, President
and Chief Executive Officer.
The permit from the DBO enables the Bank, through its Offering Circular,
to raise from $12 million to $16 million in additional common equity.
The new equity will further enhance the Bank’s healthy capital ratios
and thus enable additional lending and investment activity in order to
support the Bank’s continued growth strategy.
“Nearly seven years ago we raised $27.5 million in capital and launched
California Bank of Commerce. We grew during a very challenging economy
and today we are thriving by attracting quality business clients and
quality bankers. We are proud of the service we provide to our clients
and look forward to the next chapter in our growth story,” said Stephen
A. Cortese, Chairman of the Board of Directors.
The offering for shares of California Bank of Commerce is only made
through the Offering Circular and this press release is not to be
construed as an offer for shares of California Bank of Commerce. If you
are interested in investing in CABC, please request an Offering Circular
or call Mark DeVincenzi, EVP Investor Relations at 925 283 2265.
California Bank of Commerce
Terry A. Peterson, 925-283-2265
Mark DeVincenzi, 925-283-2265
Relations & CMO
Source: California Bank of Commerce