Syringa Bancorp Reports $10.7 Million in Escrow

Date : 04/25/2011 @ 5:41PM
Source : Business Wire
Stock : Syringa Bancorp (PN) (SGBP)
Quote : 0.007  0.0 (0.00%) @ 1:00AM

Syringa Bancorp Reports $10.7 Million in Escrow

Syringa Bancorp (PN) (USOTC:SGBP)
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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.

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