LAFAYETTE, Calif.--(BUSINESS WIRE)--
California Bank of Commerce (OTCQB:CABC) announced today it completed
its capital offering of $16 million in common equity.
“We reached our maximum raise of $16 million five weeks after launching
our public offering,” said Stephen Cortese, Chairman of the Board. The
public offering attracted both existing shareholders and new
shareholders, including a number of institutional investors. The Bank’s
board and management also invested significantly in the capital raise.
“It has been awhile since a Northern California bank has raised capital
in a public offering to execute a growth strategy, and we are proud of
our accomplishment,” said Cortese.
The Bank’s public offering was oversubscribed. “The new capital will
allow the Bank to expand relationships with our existing clients, and
allows us to meet the loan and deposit needs of larger commercial
companies,” said Terry Peterson, President and CEO. Peterson added, “Our
growth strategy also includes providing accelerated career opportunities
for our existing bankers and sets a course to commence hiring additional
business bankers, including credit and treasury management
The Bank’s counsel for this offering were Ernie Panasci and Ryan Behrman
of Stinson Leonard Street LLP. Robert Rogowski and Joey Warmenhoven of
McAdams Wright Ragen, Inc. acted as financial advisors to California
Bank of Commerce, and a portion of the offering was placed by Joey
Warmenhoven of McAdams Wright Ragen, Inc.
About California Bank of Commerce
California Bank of Commerce was designed and built to provide a unique
banking experience for its clients. The Bank offers a broad range of
commercial banking services to closely held businesses and professionals
throughout the San Francisco Bay Area. For more information on
California Bank of Commerce and our unique banking experience, call us
at (925) 283-2265, or visit us at www.californiabankofcommerce.com.
California Bank of Commerce
Terry A. Peterson, 925-283-2265
Mark DeVincenzi, 925-283-2265
Relations & CMO
Source: California Bank of Commerce