Company offers shares at $0.35 each to fund growth, corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 13 - Tri-Valley Bank said it completed a second and final tranche of a private placement of stock on Aug. 31, raising more than $3.5 million. The deal raised $4 million on Aug. 31, 2011, and took in a total of over $7.5 million.
The company sold more than 21.5 million common shares at $0.35 per share. The price per share is identical to the closing share price on Sept. 6, 2011.
All of the bank's board members participated in the private placement.
Proceeds will be used to increase the company's capital levels, to support growth and for general corporate purposes.
The bank serves Alameda, Contra Costa and other contiguous northern California counties and is based in San Ramon, Calif.
| Issuer: | Tri-Valley Bank
|
| Issue: | Common stock
|
| Amount: | $7.5 million (minimum)
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| Shares: | 21.5 million (minimum)
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| Price: | $0.35
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| Warrants: | No
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| Settlement date: | Aug. 31, 2011 (for $4 million), Aug. 31, 2012 (for over $3.5 million)
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| Stock symbol: | OTCBB: TRVB
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| Stock price: | $0.35 at close Sept. 6
|
| Market capitalization: | $3.92 million
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