SAN RAMON, Calif.--()--Tri-Valley Bank (OTCBB: TRVB) today announced that it has successfully raised more than $7.5 million in a Private Placement offering that closed on August 31, 2012. It includes $ 4 million that was raised in the first tranche of the Private Placement in 2011. The offering consisted of over 21.5 million shares of common stock to accredited investors, as defined in Regulation D of the US Securities and Exchange Commission. The offering price was $0.35 per share.
“Every member of our Board made a financial commitment to the bank’s future through this stock offering, and we believe the results we achieved demonstrate the confidence that accredited investors, most of whom live in our communities, have shown in the future of our bank”
According to CEO Arnold Grisham, sales of the stock were limited so that no single investor owns either directly or indirectly, more than 9.99 percent of the number of shares outstanding following this Private Placement, including shares held prior to this offering. The Private Placement offering was conducted to increase Tri-Valley Bank’s regulatory capital levels, support growth and for general corporate purposes, noted Grisham.
“Every member of our Board made a financial commitment to the bank’s future through this stock offering, and we believe the results we achieved demonstrate the confidence that accredited investors, most of whom live in our communities, have shown in the future of our bank,” said Grisham.
Tri-Valley Bank serves a broad range of customers in Alameda and Contra Costa counties through its offices in San Ramon and Livermore, California. At June 30, 2012, the bank had $103 million in assets.
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements 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, including the real estate market in California and in the East Bay region on Northern California in particular 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. Readers 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.