Successful Capital Raise Reflects Square 1’s Strong Performance
DURHAM, N.C.--(BUSINESS WIRE)-- Square 1 Financial, Inc., the holding company for Square 1 Bank, is pleased to announce that it has raised $20.6 million through a private placement of its common stock. Shares were sold to existing institutional shareholders, and proceeds will be used to support Square 1 Bank’s continued strong growth and for other general corporate purposes.
“We are very pleased with the success of this capital raise and the expression of continued confidence from our larger investors,” said Doug Bowers, President and CEO of Square 1 Bank. “The additional capital will allow us to continue our organic growth, focus on strategic initiatives, and propel the Bank forward.”
Despite the challenging economic climate, today's announcement underscores Square 1’s strong performance. “Over the past seven years, Square 1 has experienced significant growth within our loan portfolio, while maintaining excellent credit quality and a strong balance sheet,” stated Bowers. “We are excited about the opportunities we see in our markets, and remain committed to delivering unparalleled banking services to companies in all stages of growth.”
About Square 1 Financial
Square 1 Financial, Inc. is the bank holding company for Square 1 Bank, a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
Forward Looking Statements/Safe Harbor Provision
This release contains “forward-looking statements” that are based on assumptions and may describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, ability to operate new branch offices and loan production offices profitably and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
Square 1 Bank
Dee McDougal, Senior Marketing Specialist
Source: Square 1 Financial, Inc.