Sierra Vista Bank in Folsom, Calif., is looking to start its fifth year with $6.5 million of new capital.
The $81 million-asset bank, which was established in March 2007, announced Wednesday it has commenced an offering of 3.25 million shares of stock priced at $2 per share.
The banks said that the proceeds would be used to support growth, increase its legal lending limits and attract qualified personnel. The bank was well-capitalized at the end of 2011, with a total risk-based capital ratio of 14.74%, according to data from the Federal Deposit Insurance Corp. It is, however, dealing with a high level of nonperforming assets, which made up 5.48% of total assets.