Columbia Commercial Bancorp (CLBC) in Hillsboro, Ore., has completed a $6.6 million capital raise through a private placement offering.
The $325.4 million-asset bank announced Thursday that it sold nearly 1.8 million common shares at $3.75 per share. New shareholders invested about $5.1 million, while existing shareholders and clients invested roughly $1.5 million.
"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," Chief Executive Rick Roby said in a press release.
Columbia plans to use some of the net proceeds to retire outstanding convertible subordinated debentures and to make deferred interest payments on other debt. About $3.3 million will be used to enhance capital levels and support further growth, the company said.
It had a Tier 1 leverage ratio of 9.4%, and total risk-based capital of 12.6%, as of June 30.