ALBANY, Ore., Feb. 14, 2018 /PRNewswire/ -- Willamette Community Bank (OTC PINK: WMCB), a commercial bank headquartered in Albany, OR, today announced the completion of a private placement of $7.2 million of its common stock, positioning the Bank to continue to grow its Oregon franchise. In the offering, the Bank issued shares of its common stock at a purchase price of $9.00 per share, for a total gross consideration of approximately $7.2 million.
"This infusion of new capital is exciting for all stakeholders of Willamette Community Bank and positions us for continued growth in all our markets. This additional capital provides the Bank the opportunity to capitalize on the opportunities ahead of us, as we continue to build upon our successful model of meeting the needs of the clients and the communities that we serve," said CEO Dan McDowell, who added, "we remain highly motivated to exceed the expectations of local businesses."
The Bank expects to use the net proceeds from the offering to allow the Bank to continue to increase its banking activities and organic growth in its markets. The capital also increases the Bank's lending capacity, which allows it to keep pace with the growing needs of its clients throughout the Mid-Willamette Valley.
"Since our founding, our primary focus has been serving the communities in which we live. This successful capital raise will further support our valued customer base and will assist in building new relationships," said Chairman of the Board Kerry Johnson.
MJC Partners, LLC served as sole placement agent for the offering.
About Willamette Community Bank
A growing community bank established in 2003 and headquartered in Albany, Oregon, Willamette Community Bank is locally owned and managed and offers a wide range of financial products to individuals, professionals, and small-to-mid sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with their clients. The Bank currently operates three full-service branches in Albany, Lebanon, and Salem, Oregon. The Bank is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions. For all other information, visit www.willamettecommunitybank.com.
Daniel J. McDowell, CEO, Willamette Community Bank, 541-971-4321
Robert R. "Bob" Moore III, CFO, Willamette Community Bank, 541-971-4304
SOURCE Willamette Community Bank