PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Holdings, Inc. (OTC Pink: AVBH), the parent company of
Avidbank, today reported the successful completion of a $20 million
private offering of common shares at a purchase price of $19.00 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.”
“I want to thank our existing investors who participated in the offering
and welcome our new investors,” Mr. Mordell added. “This support, along
with the continued commitment and investment by our Board of Directors
and company management, is a great foundation for execution of our
strategic plan. I appreciate the confidence expressed in the future of
our company and 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, San Francisco, CA acted as legal counsel to Avidbank
Holdings. Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel
to the placement agent.
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in Palo Alto,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
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; 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170713006263/en/
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.