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Sierra Vista Bank in Folsom, Calif., is looking to start its fifth year with $6.5 million of new capital.
March 7
Sierra Vista Bank raised about $2.4 million through a stock offering, falling short of a
The Folsom, Calif., bank sold about 1.2 million shares of common stock at $2 each. Investors also obtained a warrant that expires in 2016 for every four shares they acquired. The bank said on Friday that it will use the proceeds to support growth, raise its legal lending limit and hire qualified personnel.
The $79 million-asset bank said in March that it would sell more than 3 million shares. It revised the offering in April to include warrants. In July, it extended the offering's deadline to Aug. 24.
"A significant portion" of the stock was sold to "local investors," Gregory Patten, Sierra Vista's president and chief executive, said in a press release. The bank has reduced its inventory of nonperforming assets, to about 5% of total assets at June 30, compared to roughly 5.5% on Dec. 31.
