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Alpine Banks of Colorado announces completion of $34 million private placement of Class B common stock

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Glenwood Springs, Colo., July 18, 2022 (GLOBE NEWSWIRE) -- Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced that it has completed a private placement of $34 million of common stock through the sale of 1,192,983 shares of Class B nonvoting common stock, at $28.50 per share, to certain qualified institutional and accredited investors.

The Company expects to use the proceeds from the capital raise for general corporate purposes, including but not limited to supporting continued organic growth and enhancing regulatory capital ratios.

“We are excited to announce our successful capital raise. We feel the support for this offering, particularly in the current market environment, reflects Alpine’s strong performance and potential, which are driven by our dedicated employees, customers and communities,” said Alpine Banks of Colorado President and Vice Chairman, Glen Jammaron. “The additional capital will support our organic growth across the state of Colorado, and allow us to continue to serve and give back to the communities and customers who have supported us for nearly 50 years.”

D.A. Davidson & Co. served as financial advisor and sole placement agent of the offering for Alpine Banks of Colorado. Lewis Roca Rothgerber Christie LLP served as legal counsel to Alpine Banks of Colorado, and Holland & Knight LLP served as legal counsel to the placement agent.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any security, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction. The securities issued in the private placement are not registered under the Securities Act of 1933 (“1933 Act”), as amended, or the securities laws of any other state or other jurisdiction, and were offered and sold pursuant to exemptions from registration.

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About Alpine Banks of Colorado

Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.2 billion, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. With banking offices across Colorado, Alpine Bank employs more than 790 people and serves more than 160,000 customers with personal, business, wealth management*, mortgage and electronic banking services. Shares of the Class B Nonvoting Common Stock of Alpine Banks of Colorado trade under the symbol “ALPIB" on the OTCQX® Best Market. Learn more at www.alpinebank.com.

 *Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact or guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include:

  • The ability to attract new deposits and loans;

  • Demand for financial services in our market areas;

  • Competitive market-pricing factors;

  • The adverse effects of public health events, such as the current COVID-19 pandemic, including governmental and societal responses;

  • Deterioration in economic conditions that could result in increased loan losses;

  • Actions by competitors and other market participants that could have an adverse impact on our expected performance;

  • Risks associated with concentrations in real estate-related loans;

  • Market interest rate volatility;

  • Stability of funding sources and continued availability of borrowings;

  • Risk associated with potential cyber threats;

  • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;

  • The ability to recruit and retain key management and staff;

  • The ability to raise capital or incur debt on reasonable terms; and

  • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

 

CONTACT: Glen Jammaron, President and Vice Chairman Alpine Banks of Colorado (970) 384-3266 glenjammaron@alpinebank.com Eric Gardey, Chief Financial Officer Alpine Banks of Colorado (970) 384-3257 ericgardey@alpinebank.com