The shares of common stock were sold to institutional and select “accredited investors” as defined in Rule 501(a) of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a stock permit issued by the California Department of Business Oversight and an exemption from the Securities Act.
“Although the Bank is already well capitalized and profitable, our 2018 growth in Santa Barbara and San Luis Obispo Counties has been significant. This new equity will provide additional cushion in our capital base to support that growth.”
Michelle Martinich, Executive Vice President and Chief Financial Officer
The net proceeds of the capital raise will be used for general corporate purposes, including but not limited to, supporting organic growth and expansion opportunities in the Bank’s Central Coast service area.
“We received orders well in excess of the shares offered at a price near our recent market trading range reflecting confidence among the investment community in our Bank.”
Jeff DeVine, President and Chief Executive Officer
D.A. Davidson & Co. served as the sole placement agent on this offering and as financial advisor to American Riviera Bank. Duane Morris LLP served as legal counsel to American Riviera Bank and Sheppard Mullin Richter & Hampton LLP served as legal counsel to the placement agent.
This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy shares of the Bank’s common stock nor shall there be any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.
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