SANTA ANA, Calif.--(BUSINESS WIRE)--Infinity Bank (the “Bank”) announced today that it opened for business on February 1, 2018.
Seeking to raise a minimum of $30 million and a maximum of $33 million in common stock, the Bank began an initial public offering during the second half of 2017 and closed the offering with $33 million. The Bank partnered with B. Riley FBR, Inc., a full-service investment-bank, to successfully complete the capital raise. Once the offering was closed, the Bank received all necessary approvals from both the state and federal regulatory agencies.
With its opening, Infinity Bank becomes only the 9th bank in the United States to open since 2008. Founder & CEO K.P. (Bala) Balkrishna stated, “Today is an important day for the small business community in Southern California. With a new community bank comes a renewed focus on the unique needs of our target clients. With so many locally-owned banks purchased in the past several years, we see a great opportunity to fill a gap like only a community bank can.”
Infinity Bank is headquartered in the Hutton Centre in Santa Ana, California. The office can be found at 6 Hutton Centre Drive, Suite 100, Santa Ana, CA 92707 and the primary phone number is (657) 223-1000. Infinity Bank’s organizers, board and management are all local business people who have strong ties to the Los Angeles and Orange County communities. They include business owners and executives who have invested time, energy and finances into this market area for decades. They understand the needs of the business community of Southern California and have developed the Bank with a primary objective of meeting and exceeding current banking expectations with exceptional service, responsiveness and value-added insight.
About Infinity Bank
The Bank is focused on relationship-based banking services to locally owned and operated businesses, their owners, employees and families. These include a broad selection of depository products as well as business loans and commercial real estate financing products uniquely designed for each client. Infinity Bank’s primary market area includes Los Angeles and Orange counties. The Bank’s website is www.goinfinitybank.com.
This press release includes ‘forward-looking’ statements within the meaning of Section 27A of the Securities Act. All of the statements contained in this press release, other than statements of historical fact, should be considered forward-looking statements. Although Infinity Bank believes the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. All subsequent written and oral forward-looking statements by or attributable to the Bank or persons acting on its behalf are expressly qualified in their entirety by this qualification. The Bank undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.