The company received net proceeds from the offering of approximately $13.9 million, after underwriting discounts and commissions and estimated expenses.

The shares were sold in an underwritten public offering by Howe Barnes Hoefer & Arnett. The company has granted the underwriter a 30-day option to purchase up to an additional 692,307 shares of the company's common stock to cover over-allotments, if any.

The company intends to use the net proceeds of the offering for general corporate purposes, including contributing additional capital to the bank, and to support its ongoing and future anticipated growth, which may include opportunistic acquisitions of all or parts of other financial institutions, including Federal Deposit Insurance Corporation-assisted transactions.

Steven Gardner, president and CEO, said: "I am extremely pleased with the success of this offering. After evaluating the capital requirements needed to implement the company's growth plans and taking into consideration the views of our shareholders, the board of directors elected to reduce the size of our capital raise. The additional capital substantially improves our already healthy capital ratios and should enable us to take advantage of the opportunities in our markets."

A service of YellowBrix, Inc.