May 20 - Sierra Vista Bank (OTCQB: SVBA) has received new capital funding from the Taylor International Fund, LTD, which had been negotiated last December, subject to regulatory approval. The total capital infusion received by the bank from the Taylor International Fund, LTD came to just over $1.5 million. The new capital is in addition to the public offering conducted by the bank in the third quarter of 2012, which raised more than $2 million. The bank utilized Caldwell Securities Inc. as the placement agent in this transaction.
The board of Sierra Vista Bank approved the offerings last year in order to strengthen the bank's financial position. Bank President and CEO Greg Patton said, "The additional capital will allow our financial organization to expand its customer base and seek new growth opportunities in our local communities. Our Llverage capital ratio will now exceed 12.7 percent, which will allow the bank significant room to grow both deposits and loans."
The bank, which opened in 2007, recently announced its fourth straight quarter of profitability.
Taylor International Fund, LTD is an investment fund that has a wide range of holdings including California community banks. "We strongly believe that Sierra Vista Bank possesses the necessary qualities to become a premier bank beyond Folsom. This additional capital will allow them to further serve the needs of their existing and future customers, take advantage of growth opportunities, and provide them the foundation to become one of California's next great banks," said Stephen Taylor, chairman of Taylor Asset Management Inc.
About Sierra Vista Bank
Sierra Vista Bank is 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.