OAKLAND, October. 16, 2018 – GLOBE NEWSWIRE
Community Bank of the Bay (OTCBB:CBYAA), a San Francisco Bay Area commercial bank with full service offices in Oakland, Danville and San Mateo, announces the completion of an $11.5 million private placement to institutional investors of its common stock at $7.50 per share. The Bank expects to use the net proceeds from the offering for general corporate purposes, including the redemption of $4 million of Preferred Stock that the Bank had issued to the US Treasury under its Community Development Capital Initiative (“CDCI”) program.
“This successful capital raise and preferred stock redemption is another key step in the Bank’s growth and evolution. The CDCI capital that was accessed in 2010 allowed the Bank to support local businesses during a difficult economic period. During the subsequent four years Community Bank of the Bay made an additional $40 million of loans available to small and medium sized businesses to help them retain and add quality jobs,” said William S. Keller, President, and Chief Executive Officer. “Our long standing commitment to working with local businesses and community organizations resonated with these investors, and we are grateful for their support. This capital will allow us to better meet the needs of the local markets we serve in the greater Bay Area, especially Oakland, a community that we have been proud to serve for over twenty-two years.”
MJC Partners, LLC served as the sole placement agent for the private placement.
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.
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. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. 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.