PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc. (OTCBB: AVBH), the parent company of Avidbank,
today reported the successful completion of a $16.0 million private
offering of common shares. Investors purchased 1,641,026 newly issued
Avidbank common shares at a purchase price of $9.75 per share.
Mark D. Mordell, Chairman and CEO of Avidbank Holdings, Inc. stated, “We
believe the successful completion of this offering is a significant step
forward for our Company, providing the capital we need to continue our
growth and giving us the opportunity to repurchase our outstanding TARP
securities. It will also allow us to maximize our potential in one of
the most opportune markets in the country.”
Mr. Mordell added, “We welcome our new institutional shareholders as
well as an increased commitment from our Board of Directors and
management, and appreciate the confidence expressed in the future of our
Company and in the Avidbank team.”
Sandler O’Neill + Partners, L.P. acted as the sole placement agent for
Avidbank Holdings in connection with the offering. Manatt, Phelps &
Phillips, LLP acted as legal counsel to Avidbank Holdings.
About Avidbank
Headquartered in Palo Alto, California, Avidbank was founded in 2003,
as an independent full-service commercial bank serving businesses and
consumers in Northern California.As of March 31, 2013 the
Company had $417 million in assets, and has a branch in Palo Alto and
loan production offices in downtown San Jose and Redwood City.Avidbank
specializes in the following markets: commercial and industrial,
corporate finance, technology and asset-based lending, real estate
construction, commercial real estate lending and real estate bridge
financing.
Note Regarding Forward Looking Statements
This news release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts,
and generally include the words “believes”, “plans”, “intends”,
“expects”, “opportunity”, “anticipates”, “targeted”, “continue”,
“remain”, “will”, “should,”, “may” or words of similar meaning. While we
believe that our forward-looking statements and the assumptions
underlying them are reasonably based, such statements and assumptions,
are, by their nature subject to risks and uncertainties, and thus could
later prove to be inaccurate or incorrect. Accordingly, actual results
could materially differ from forward-looking statements for a variety of
reasons, including, but not limited to local, regional, national and
international economic conditions and events and the impact they may
have on us and our customers, and in particular in our market areas;
ability to attract deposits and other sources of liquidity; ability to
successfully repurchase our outstanding TARP securities; oversupply of
property inventory and deterioration in values of California real
estate, both residential and commercial; a prolonged slowdown or decline
in construction activity; changes in the financial performance and/or
condition of our borrowers; changes in the level of non-performing
assets and charge-offs; the cost or effect of acquisitions we may make;
the effect of changes in laws and regulations (including laws,
regulations and judicial decisions concerning financial reform, capital
requirements, taxes, banking, securities, employment, executive
compensation, insurance, and information security) with which we and our
subsidiaries must comply; changes in estimates of future reserve
requirements and minimum capital requirements based upon the periodic
review thereof under relevant regulatory and accounting requirements;
ability to adequately underwrite for our asset based and corporate
finance lending business lines; our ability to utilize all or part of
any deferred tax asset; the impact of our participation in the United
States e; our ability to raise capital; inflation, interest rate,
securities market and monetary fluctuations; cyber-security threats
including loss of system functionality or theft or loss of data;
political instability; acts of war or terrorism, or natural disasters,
such as earthquakes, or the effects of pandemic flu; destabilization in
international economies resulting from the European sovereign debt
crisis; the timely development and acceptance of new banking products
and services and perceived overall value of these products and services
by users; changes in consumer spending, borrowing and savings habits;
technological changes; the ability to increase market share, retain
customers and control expenses; ability to retain and attract key
management and personnel; changes in the competitive environment among
financial and bank holding companies and other financial service
providers; continued volatility in the credit and equity markets and its
effect on the general economy; the effect of changes in accounting
policies and practices, as may be adopted by the regulatory agencies, as
well as the Public Company Accounting Oversight Board, the Financial
Accounting Standards Board and other accounting standard setters;
changes in our organization, management, compensation and benefit plans,
and our ability to retain or expand our management team; the costs and
effects of legal and regulatory developments including the resolution of
legal proceedings or regulatory or other governmental inquiries and the
results of regulatory examinations or reviews; our success at managing
the risks involved in the foregoing items. We do not undertake, and
specifically disclaim any obligation to update any forward-looking
statements to reflect occurrences or unanticipated events or
circumstances after the date of such statements except as required by
law.
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Executive
Vice President and Chief Financial Officer
sleen@avidbank.com
www.avidbank.com
Source: Avidbank Holdings, Inc.