PORTLAND, Ore.--(BUSINESS WIRE)--Capital Pacific Bancorp (OTCBB: CPBO) (OTCQB: CPBO) raised $3.2 million in a private placement of common stock with a group of experienced bank investors at $4.35 per share. The investment signals a strong commitment to the bank’s innovative business model and concentration as a business bank.
“The infusion of new capital allows us to move to the next level in our strategic plan, capitalize on market opportunities with the expansion of our sales force, and broaden our reach into the business community,” said Mark Stevenson, CEO.
Led by Josiah Hornblower and Hans Schroeder of Blue Pine Partners LLC, headquartered in San Francisco, Calif., the financing was completed quickly and without delay, despite challenging conditions for community bank stocks.
“It is a true testament to our performance and position in the market, as well as to the role of community banks in the financial services marketplace, to attract the interest of such a high caliber and reputable group of investors,” Stevenson continued. “Their deep connections in the banking industry and the capital markets will facilitate broader exposure to the investment community.”
About Capital Pacific Bancorp
Capital Pacific Bancorp (OTCBB: CPBO) (OTCQB: CPBO) is the parent company of Capital Pacific Bank, which serves businesses, professionals and non-profit organizations with comprehensive banking expertise and an elite level of service. Centrally headquartered in the Fox Tower in downtown Portland, the Bank's full array of products and services are delivered through a strategic combination of Vice President-level client service officers and the innovative application of technology. For more information on Capital Pacific Bancorp or to see past press releases, visit www.capitalpacificbank.com.
Forward-looking statements
Statements in this release about future events or performance are forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Factors that could affect future results include changes in the financial condition of our borrowers, changes in economic conditions generally, changes in non-performing assets, deteriorating asset values caused by market conditions, loan losses that exceed our reserve for loan losses, gains or losses on other real estate owned, fluctuations in interest rates and the impact any of these factors may have upon clients of the Company. Other factors include competition for loans and deposits within the Company's trade area, and the impact that may have upon growth or income. Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements may be less reliable than historical information. The Company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.