Cornerstone Community Bancorp Announces Completion of $5.0 Million Private Placement of Subordinated Debt
03 3월 2015 - 3:15AM
Business Wire
Cornerstone Community Bancorp, (OTCQB: CRSB), parent
company of Cornerstone Community Bank, announced today the
completion of a private placement of $5 million of subordinated
debt to StoneCastle Financial Corp. StoneCastle Financial Corp. is
a closed-end investment company established to serve as an investor
in community banks seeking capital for organic growth,
acquisitions, share repurchases and other refinancing activities.
The subordinated debt is expected to qualify as Tier 2 capital for
regulatory purposes.
“We are excited to announce the completion of this capital
raise,” said Jeff Finck, President and CEO of the Company. “This
additional capital will allow us to meet the growing demand for
local loans and it will also increase our lending capacity to
individual borrowers. We will now be able to lend up to $5 million
to a single commercial borrower. This additional lending capacity
positively impacts our local economy facilitating job creation and
economic growth.”
About Cornerstone Community Bancorp
Cornerstone Community Bancorp, a bank holding company
headquartered in Red Bluff, California, serves the Red Bluff and
Redding communities through its wholly-owned subsidiary,
Cornerstone Community Bank with a headquarters office in Red Bluff
and a banking office in Redding. The Bank provides commercial
banking services to small and mid-size businesses, including
professional service firms, real estate developers and investors
and not-for-profit organizations and to their owners and other
individuals. At December 31, 2014, Cornerstone Community Bank had
total assets of $149.2 million, total loans of $124.5 million and
total deposits $134.9 million. Additional information about the
Bank is available on its website at www.bankcornerstone.com.
Important Information
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities. The securities
sold have not been registered under the Securities Act of 1933, as
amended, or the securities laws of any other jurisdiction.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
that involve risk and uncertainties. These statements are
identifiable by use of the words “believe,” “expect,” “intend,”
“anticipate,” “plan,” “estimate,” “project,” or similar
expressions. The risks and uncertainties that may affect the
operations, performance, development, growth projections and
results of the Company’s business include, but are not limited to,
the growth of the economy, interest rate movements, changes in the
financial performance and/or condition of our loan and deposit
customers, changes in the levels of performing and nonperforming
assets and charge-offs, timely development by the Company of
technology enhancements for its products and operating systems, the
impact of competitive products, services and pricing, acts of war
or terrorism, or natural disasters, such as earthquakes,
client-based requirements, federal and state legislation and
regulatory developments, the ability to retain or increase market
share, retain or grow customers and control expenses, changes in
regulatory or generally accepted accounting principles and similar
matters. Readers are cautioned not to place undue reliance on
forward-looking statements which are subject to influence by the
named risk factors and unanticipated future events. Actual results,
accordingly, may differ materially from management expectations.
The Company undertakes no obligation to update such forward-looking
statements except as required by law.
Cornerstone Community BancorpJeffrey P. Finck,
530-222-1460President &
CEOjfinck@bankcornerstone.comorPatrick E.
Phelan, 530-222-1460Chief Financial
Officerpphelan@bankcornerstone.com
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