News Column

United States : CALIFORNIA BANK OF COMMERCE lifts up $16 million to finance GROWTH

July 4, 2014

$16 million has been raised by California Bank of Commerce in Lafayette to finance growth, not to fill capital potholes as so many banks have done because of the financial crisis.

As per Stephen Cortese, chairman of the bank, which focuses on closely held, midsized companies in the greater Bay Area,"It has been awhile since a Northern California bank has raised capital in a public offering to execute a growth strategy.We reached our maximum raise of $16 million five weeks after launching our public offering."

The offering of the bank was oversubscribed, with many institutional investors taking part.

The bank was keen to share credit with its counsel in the offering, Ernie Panasci and Ryan Behrman of Stinson Leonard Street LLP. Robert Rogowski and Joey Warmenhoven of McAdams Wright Ragen Inc was playing the role for financial advisers to the bank. McAdams' Warmenhoven had placed a portion of the offering with investors.

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Source: TendersInfo (India)

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