By Sheri Kasprzak
Atlanta, Jan. 25 - Business Bank of Nevada said it plans to hit the private placement market to raise an additional $5 million.
In the fourth quarter of 2004, the company raised $5 million in a private placement of trust preferred securities.
The company plans to sell 192,307 shares at $26 each.
Hoefer & Arnett was the company's financial adviser in the deal.
The deal is geared toward accredited investors in Nevada who hold 5,000 or more shares. The investors are required to subscribe to a minimum of 1,925 shares.
The offering is expected to close Feb. 15.
Based in Las Vegas, Business Bank of Nevada is a bank holding company. The proceeds from the private placement will be used to advance the company's growth and fund investments in loans and securities.
| Issuer: | Business Bank of Nevada
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| Issue: | Stock
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| Amount: | $5 million
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| Shares: | 192,307
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| Price: | $26.00
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| Warrants: | No
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| Financial adviser: | Hoefer & Arnett
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| Pricing date: | Jan. 25
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| Settlement date: | Feb. 15
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| Stock price: | $35.75 at close Jan. 25
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