Syringa Bancorp Announces Capital Offering

Date : 12/31/2009 @ 8:46PM
Source : Business Wire
Stock : Syringa Bancorp (PN) (SGBP)
Quote : 0.007  0.0 (0.00%) @ 12:00AM

Syringa Bancorp Announces Capital Offering

Syringa Bancorp (PN) (USOTC:SGBP)
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In anticipation of further capital raising efforts by Syringa Bancorp (OTCBB:SGBP) and to allow Syringa Bancorp the flexibility to respond quickly to the changing economy, on December 16, 2009, the shareholders of Syringa Bancorp, at a special meeting of the shareholders, overwhelmingly voted to increase the authorized common stock of Syringa Bancorp from 10,000,000 shares to 50,000,000 shares of common stock. Today, Syringa Bancorp announces its intention to raise $7,000,000 in additional capital through the issuance of capital stock in a private placement offering. In the event the offering is oversubscribed, at the Board of Directors’ election, Syringa Bancorp may issue up to $14,000,000 of additional shares of common stock of Syringa Bancorp.

“Raising capital will allow Syringa Bancorp the flexibility to take advantage of opportunities in the future and to increase its capital ratios, providing Syringa Bank additional capital reserves during a time when market, financial, and economic trends are continually changing,” said Jerry F. Aldape, President and Chief Executive Officer. “Although the economic downturn and banking environment continue to be challenging, Syringa Bancorp and Syringa Bank are committed to serving the Treasure Valley and Northern Idaho for many years to come and believe that raising additional capital now will position Syringa Bancorp to grow in the future as the economy turns and revives.”

The common stock is being sold with a warrant to purchase additional shares of common stock. The warrant allows the investor to purchase additional shares of common stock of Syringa Bancorp, in the event Syringa Bancorp issues additional common stock, within six months after the current offering, at a per share price which is less than the current offering price.

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 branch locations, and two mortgage offices, all within the state of 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.

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