Oct. 20, 2009 (PR Newswire) --
EUGENE, Ore., Oct. 20 /PRNewswire-FirstCall/ -- Pacific Continental Corporation (Nasdaq: PCBK), the bank holding company for Pacific Continental Bank, today announced that it has raised $48.3 million through its previously announced underwritten public offering by issuing 5.52 million shares of its common stock, including 720,000 shares pursuant to the underwriters' over-allotment option, at a price of $8.75 per share. The net proceeds to the Company, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $45.7 million. D.A. Davidson & Co. served as lead book-running manager of the offering, and Howe Barnes Hoefer & Arnett served as co-manager.
"We are extremely pleased with the results of our public offering and strong level of interest, which validates the strength of the Company," said Hal Brown, Chief Executive Officer. "This additional capital further strengthens our already strong capital ratios, and positions Pacific Continental to continue to respond to the lending and deposit needs of our communities and effectively pursue other business opportunities as they arise."
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. The offering will be made only by means of a prospectus, copies of which may be obtained from D.A. Davidson & Co., Equity Capital Markets, 8 Third Street North, Great Falls, MT 59401 or by calling toll-free (800) 332-5915, or Howe Barnes Hoefer & Arnett, 222 S. Riverside Plaza, 7th Floor, Chicago, IL 60606 or by calling toll-free 800-800-4693.
About Pacific Continental Bank
Pacific Continental Bank operates fourteen banking offices in Oregon and Washington with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, professional service providers and nonprofit organizations; additionally, the Bank provides private banking services. Pacific Continental Corporation's shares are listed on the NASDAQ Global Select Market under the symbol "PCBK" and are a component of the Russell 2000 Index. Supplementary information about Pacific Continental can be found online at www.therightbank.com.
Forward-Looking Statement Safe Harbor
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA").
