Sept 10 - Sierra Vista Bank (OTCBB:SVBA) has raised $2,363,200 issuing 1,181,600 common shares at $2 per share. For every four shares purchased, one non-transferable warrant was issued with expiration in 2016 exercisable at $2. The net proceeds of the offering will be used to support growth, increase legal lending limits, attract qualified personnel and for general corporate purposes. As of June 30, 2012, the pro forma book value would have been $3 per share and the leverage ratio would have been 11.72 percent. The bank utilized Caldwell Securities Inc. to act as its placement agent to assist with the offering.
"A significant portion of the offering was purchased by local investors," said Gregory Patton, president and CEO. "The support from our local community has been very strong, and we are very encouraged by the participation of our customers, neighbors and colleagues."
About Sierra Vista Bank
Sierra Vista Bank is a locally owned community bank headquartered at 1710 Prairie City Road in Folsom, Calif., since March 2007 and has 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 while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling 916-850-1500.