Syringa Bancorp Extends Capital Offering

Date : 02/03/2010 @ 12:38AM
Source : Business Wire
Stock : Syringa Bancorp (PN) (SGBP)
Quote : 0.007  0.0 (0.00%) @ 1:00AM

Syringa Bancorp Extends Capital Offering

Syringa Bancorp (PN) (USOTC:SGBP)
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Syringa Bancorp (OTCBB: SGBP) On January 31, 2010, the Board of Directors of Syringa Bancorp unanimously agreed to extend the current Syringa Bancorp offering of common stock until February 28, 2010 in order to allow shareholders and investors adequate time to participate. “We believe it is appropriate to extend the offering as we received notice that several shareholders would like to participate but were unable to due so because of a delay in receiving the subscription materials from their brokers,” said Jerry Aldape, President and CEO.

Aldape went on to say, “I am pleased that the response to the offering has been positive. We have strong management participation in the offering along with 100% board participation. I believe this shows the confidence everyone has in the strength of our bank.”

Syringa Bancorp is committed to serving the Treasure Valley and Northern Idaho and believes that raising additional capital now will position Syringa Bancorp to grow in the future as the economy turns and revives.

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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