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 at www.californiabankofcommerce.com/offering or call Mark DeVincenzi, EVP Investor Relations at 925 283 2265.
