Syringa Bancorp Reports $10.7 Million in Escrow
April 25 2011 - 12:41PM
Business Wire
Syringa Bancorp (OTCBB: SGBP) today announced that proceeds in
the amount of $10.7 million have been placed into escrow for
investment in Syringa Bancorp common stock and purchase of certain
classified assets of Syringa Bank. “All $10.7 million currently
held in escrow has come from local Idaho investors, which includes
100% Syringa Bank and Bancorp board of director and executive
officer participation. The Board of Directors has elected to extend
the offering until September 15, 2011 in order to give potential
investors further opportunity to invest,” said Scott Gibson,
President and CEO.
On March 31, 2011, the Board of Directors of Syringa Bancorp and
Syringa Bank entered into a Term Sheet Agreement with an existing
large shareholder to substantially increase investment in Syringa
Bank. The terms of the transaction are subject to certain
conditions and approval by applicable state and federal
regulators.
“The commitment made by these local Idaho investors demonstrates
a strong vote of confidence in the bank, board and management team.
It also reflects the confidence these same Idaho investors have in
the future of our local communities and the critical role community
banks will serve in assisting with the economic recovery,” stated
Gavin Gee, Director, Idaho Department of Finance.
“Syringa Bank is a premier independent community bank that is
committed to providing personalized service beyond the expectations
of our customers by developing close, long-term relationships. We
strive for excellence in everything we do and continually pursue
new and enhanced ways to serve our customers. With this
announcement of escrow, I am more assured than ever about the
long-term vitality of the Bank and it certainly positions us well
to achieve our capital goals and be very well-positioned for
sustainable growth, customer service and profitability into the
future,” said Gibson. “I believe we have a strong foundation and
our best years are yet ahead. The Syringa management team is
confident that the bank will emerge from this economy strong and
ready to embrace all future opportunities and challenges. I would
personally like to thank our board for their leadership, the
employees for their dedication and our shareholders and customers
for their continued support,” concluded Gibson.
Syringa Bancorp was organized in April 2005 as a holding company
of Syringa Bank. Syringa Bank was formed in 1996 and has since
expanded to six full service branches located in Boise, Meridian,
Eagle, Middleton and Lewiston, Idaho. Syringa Bank is an Idaho
state-chartered commercial bank.
Statements in this report regarding future events, performance
or results are “forward-looking statements” within the meaning of
the Private Litigation Reform Act of 1995 (“PSLRA”) and are made
pursuant to the safe harbors of the PSLRA. Actual results could be
materially different from those expressed or implied by the
forward-looking statements. Factors that could cause results to
differ include but are not limited to: general economic and banking
business conditions, competitive conditions between banks and
non-bank financial service providers, interest rate fluctuations,
regulatory and accounting changes, risks related to construction
and development, commercial real estate and consumer lending and
other risks. Forward-looking statements are accurate only as of the
date released, and we do not undertake any responsibility to update
or revise any forward-looking statements to reflect subsequent
events or circumstances.