Columbia Commercial Bancorp Raises $6.6 Million in Private Stock Offering
HILLSBORO, OR--(Marketwired - Aug 29, 2013) - Columbia Commercial Bancorp (OTCBB: CLBC), the single bank holding company for Columbia Community Bank, announced today the completion of a $6.6 million capital raise through the sale of common stock in a private offering.
The Company sold 1,760,222 common shares at $3.75 for a total of $6,600,832.50. Existing shareholders and clients invested approximately $1.5 million in the private placement while other new shareholders invested approximately $5.1 million.
"We are very pleased to announce the successful completion of this important offering," said Rick A. Roby, the Company's President and CEO. "I would like to thank the many shareholders, new investors, customers and employees who have been supportive throughout this process," he said.
The Company plans to use the net proceeds initially to retire outstanding convertible subordinated debentures and to make deferred interest payments on its junior subordinated debentures. Approximately $3.3 million will be used to enhance the financial strength and capital levels of the Bank and to support its continued growth and other strategic initiatives. The Bank's actual June 30, 2013 leverage and total risk based capital ratios were 9.4% and 12.6%, pro forma ratios are approximately 10.4% and 13.8%, respectively.
"This transaction will significantly strengthen the financial position of the Company and the Bank and aid in our ability to execute our plan for growth and increasing shareholder value," Roby said.
D.A. Davidson & Co. acted as the exclusive placement agent and Lane Powell PC served as legal advisor to the Company. Graham & Dunn PC acted as legal advisor to D.A. Davidson & Co.
About Columbia Bancorp and Columbia Community Bank
Columbia Commercial Bancorp was formed in 2002 as a holding company for Columbia Community Bank, which was opened in 1999. Information about the Company's stock may be obtained through the OTCQB marketplace at www.otcmarkets.com. Columbia Commercial Bancorp's stock symbol is CLBC.
Columbia Community Bank delivers loan and deposit product solutions through local, experienced and professional bankers to businesses, nonprofits, professionals, and individuals throughout Washington County and the greater Portland metropolitan area. The bank has been named among the "100 Best Companies to Work for in Oregon" by Oregon Business Magazine for 2012, 2011, and 2009. For more information about Columbia Commercial Bancorp, or its subsidiary, Columbia Community Bank, call (503) 693-7500 or visit www.columbiacommunitybank.com.
Certain statements in this release may constitute forward-looking statements within the definition of the "safe-harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to significant uncertainties, which could cause actual results to differ materially from those set forth in such statements. Forward-looking statements are those that incorporate management's current expectations and plans based on information currently known to them. These statements can sometimes be identified by words such as "believe," "estimate," "anticipate," "expect," "intend," "will," "may," "should," or other similar phrases or words. Readers are cautioned not to place undue reliance on forward-looking statements. In particular, they should not be construed as assurances of a given level of performance or as promises of a given set of management's actions. Some of the factors that could cause management to deviate from its current plans, or could cause the Company's results to differ from current expectations, include the effect of localized or regional economic shifts that may affect the collectability of loans or the value of the collateral underlying those loans; the effects of laws, regulations, policies and government actions upon the Company's assets and operations; sensitivity to the Northwestern Oregon geographic markets and events affecting those markets; and the impacts of new government initiatives upon us and our borrowers. The Company does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.