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After a stock offering fell short of expectations, Sierra Vista Bank (SVBA) in Folsom, Calif., plans to raise about $1.7 million through a securities purchase agreement with Taylor International Fund.
December 13 -
Sierra Vista in Folsom, Calif., is the kind of bank typically marked for extinction. But it has raised enough equity to try to make itself into a buyer, or a more appealing takeover target.
December 19 -
Sierra Vista Bank raised about $2.4 million through a stock offering, falling short of a plan to bring in $6.5 million.
September 10
Sierra Vista Bank (SVBA) in Folsom, Calif., has added $1.5 million in capital from the Taylor International Fund.
The money will allow the $85.4 million-asset bank to expand its loans and deposits, it said in a news release Thursday. The investment by Taylor, a Chicago hedge fund, is slightly lower than the $1.7 million
The cash infusion raised Sierra Vista's Tier 1 leverage ratio to 12.7%, up from 11.96% on March 31, it said.
Sierra Vista's management considered selling the bank before deciding to raise capital, Chief Executive Gregory Patton
