BURLINGTON, Wash., July 12, 2017 (GLOBE NEWSWIRE) -- SaviBank (OTCPink:SVVB), today announced it completed a private placement of 5.36 million shares, raising net proceeds of $8.5 million. The offering was oversubscribed by $580,222 and brought 41 new shareholders into the ownership base. SaviBank now has 17.1 million shares outstanding with a market cap of approximately $29.1 million. Following the offering, SaviBank’s total risk-based capital ratio improved to approximately 15% and the tier-1 leverage ratio was approximately 13%. Total assets were $211.1 million at June 30, 2017.
“We are continuing to generate solid momentum as we expand our franchise and build market share in Northwest Washington,” said Michal D. Cann, Chairman and Chief Executive Officer. “The recent completion of a two-stage capital raise generated $8.6 million in gross proceeds and $8.5 million in net new capital. Our largest shareholder invested an additional $5.0 million in this offering with the remaining $3.6 million in capital raised in our local community and with a few long-term institutional owners. We are extremely pleased with the offering’s strong reception. This fresh capital is expected to support our growth for the next several years.”
About SaviBank –
SaviBank (formerly known as Business Bank) is a commercial bank chartered in the State of Washington. The Bank began operations April 11, 2005, and has five branch locations in Burlington, Bellingham, Mt. Vernon, Oak Harbor, and Freeland, Washington. A loan production center was opened in Anacortes, Washington, in May 2013. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, and Whatcom counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. Call us or stop by one of our branches and we’ll show you how to bank Savi. For additional information about SaviBank visit http://www.savibank.com and http://www.savibank.com/about-us/financial-information/.
Forward Looking Statement
This release may contain “forward-looking statements” that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to SaviBank or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include our ability to maintain or expand our market share or net interest margins, and to implement our marketing and growth strategies. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy, as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks may have a material adverse impact on our operations and business.
CONTACT: Michal D. Cann, Chairman & CEO (360) 707-2272 The Cereghino Group IR CONTACT: 206-388-5785