FOLSOM, CA--(Marketwired - May 16, 2013) - Sierra Vista Bank (
The Board of Sierra Vista Bank approved the offerings last year in order to strengthen the Banks financial position. Bank President and CEO, Greg Patton stated "The additional capital will allow our financial organization to expand its customer base and seek new growth opportunities in our local communities. Our Leverage Capital Ratio will now exceed 12.7% which will allow the Bank significant room to grow both deposits and loans." The Bank which opened in 2007 recently announced its fourth straight quarter of profitability.
Taylor International Fund, LTD is an investment fund that has a wide range of holdings including California community banks. "We strongly believe that Sierra Vista Bank possesses the necessary qualities to become a premier bank beyond Folsom. This additional capital will allow them to further serve the needs of their existing and future customers, take advantage of growth opportunities, and provide them the foundation to become one of California's next great banks," said Stephen Taylor, Chairman of Taylor Asset Management, Inc.
About Sierra Vista Bank
Sierra Vista Bank is locally owned community bank headquartered at 1710 Prairie City Road in Folsom, California since March 2007 and has a branch located in the Sam's Town Center in Cameron Park. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling (916) 850-1500.
Forward Looking Statement:
In addition to historical information, this press release includes forward-looking statements, such as statements regarding the expected sale of the bank's securities, anticipated increases in capital and lending activities and anticipated growth, which reflect management's current expectations for the bank's future financial results and business prospects. Forward-looking statements are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: (a) changes in competitive pressures among depository and other financial institutions or in the bank's ability to compete effectively against larger financial institutions in its banking market; (b) the failure of the bank and the investors to receive all required regulatory approvals and other actions of government regulators or changes in laws, regulations or accounting standards, that adversely affect the bank's business; (c) changes in interest rates and/or inflation; (d) changes in general economic or business conditions and the real estate market in the bank's market; (e) the ability of the bank to satisfy the conditions to closing in the Securities Purchase Agreement and (f) other unexpected developments or changes in the bank's business or its customers' businesses. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.