OAKLAND, Calif.--(BUSINESS WIRE)--Community Bank of the Bay (OTCBB:CBYAA) today announced its intention to offer up to 3,428,571 new shares of its Series A Common Stock at the price of $3.50 per share. If the offering is fully subscribed the Bank will increase its capital position by $12 million.
Community Bank of the Bay anticipates using the additional capital for general corporate purposes and to take advantage of potential market opportunities.
“We are pleased to offer these shares to the public and have been gratified by the initial support we have received from our clients and investors. While our current capital levels are healthy we believe that additional capital will be particularly valuable as new opportunities arise,” stated Brian Garrett, chief executive officer. “While we will remain both vigilant and conservative in our approach, we believe that the strength of our team, our relationship oriented approach to banking and the flexibility afforded by a strong capital base will continue to set Community Bank of the Bay apart.”
Commenting on the Offering, William Keller, president, said, “This stock offering will not only provide us with the capital we need to meet the credit needs of our clients and prospects, but the opportunity to expand our shareholder base and build new and lasting relationships throughout the San Francisco Bay Area. We recently began this process with the opening of an office in Danville to serve the financial needs of businesses and non-profit organizations located in the Diablo Valley.”
This press release is neither an offer to sell, nor a solicitation of an offer to purchase. The planned offering will only be made through the offering circular. Offering circulars containing complete pricing and other important information will be made available to prospective investors and may be requested on-line. Any questions about Community Bank of the Bay or the offering may be directed to Brian Garrett or William Keller.
Community Bank of the Bay is located in Oakland and Danville and serves the financial needs of a variety of commercial customers including small to medium sized businesses, professional service firms, non-profit organizations and churches. Information on the bank and its services is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC.