Gateway Bank, F.S.B. Completes $10.5 Million Private Placement

OAKLAND, Calif., May 3, 2018 /PRNewswire/ -- Gateway Bank, F.S.B. (the "Bank"), announced the closing of a private placement of common stock to institutional and accredited investors on Tuesday May 1, 2018.

The aggregate gross proceeds from the offering were approximately $10.5 million. The proceeds from the offering will be used to strengthen the capital position of the Bank to meet regulatory requirements and for general corporate purposes.

James Keefe, Chairman of the Board of Gateway Bank, said, "The new capital will allow Gateway Bank to better serve its community in Oakland and throughout the Bay Area."

Glen Terry, President and Chief Executive Officer of Gateway Bank, said, "We are very pleased to announce the successful completion of our common stock offering. We believe our Bank is well-positioned to take advantage of opportunities in our market, and the new capital will allow us to execute our strategy and grow the balance sheet. The success of the placement is a vote of confidence in our strategy, and we look forward to creating additional value for all of our shareholders."

FIG Partners, LLC acted as sole placement agent and Duane Morris LLP acted as the Bank's legal counsel in this transaction.

About Gateway Bank, F.S.B. Gateway Bank is a Federally-chartered savings bank headquartered in Oakland, California and began operations on June 8, 1990. The Bank currently operates out of one office located in Oakland's Chinatown, and offers banking services to individuals and businesses in the San Francisco Bay Area. Contact Glen Terry for more information at (510) 496-8684 or via email at [email protected].

SOURCE Gateway Bank, F.S.B.