FOLSOM, Calif., Jan. 6 /PRNewswire-FirstCall/ -- Sierra Vista Bank (OTC Bulletin Board: SVBA), announced that it has commenced a private offering, to a limited number of accredited investors, of up to 800,000 shares of its common stock. The Bank said that it intends to use the proceeds from the private offering for general corporate purposes, including funding growth and the origination or purchase of interest earning assets and strengthening its working capital requirements.
On December 30, 2009, the Bank completed the initial sales of 200,400 shares of common stock at the price of $6.15 per share, resulting in aggregate gross proceeds to the Bank of $1,232,460. The private offering is continuing and it is anticipated that additional shares of common stock may be sold prior to the scheduled expiration date of the offering, which is June 17, 2010.
The disclosures contained in this press release do not constitute an offer to sell or the solicitation of an offer to buy any security. The common stock is being offered and sold to a select number of accredited investors pursuant to a stock permit issued by the Department of Financial Institutions of the State of California. The permit is permissive only and is not a recommendation or endorsement by the Department of the common stock to be sold. The common stock has not been registered with the U.S. Securities and Exchange Commission.
About Sierra Vista Bank
Sierra Vista Bank is a locally owned community bank headquartered at 1710 Prairie City Road in
Folsom, California since March 2007, and a branch located in the Sam's Town Center in Cameron Park. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor and is committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling (916) 850-1500.
Forward Looking Statement:
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE Sierra Vista Bank