Community Bancorp (NASDAQ:CMBC)
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From Jun 2019 to Jun 2024
Community Bancorp Inc. (Nasdaq:CMBC) announced today
that it has closed a $20 million private placement of trust-preferred
securities.
The underlying capital securities mature Sept. 15, 2035, and are
callable at par after five years. The securities pay cash
distributions at a per annum rate of 5.85% until September 15, 2010,
after which they will reset quarterly at the three month LIBOR plus
1.69%.
Michael J. Perdue, President and CEO, stated, "This offering
provides the financing for the acquisition of Rancho Bernardo
Community Bank, which is expected to close on August 19, 2005. In
addition to the acquisition, the Company expects to contribute an
additional $3 million to the equity of the Bank subsidiary, Community
National Bank, to support the continued growth of the bank."
GENERAL INFORMATION
Community Bancorp is a bank holding company with $770.2 million in
assets as of June 30, 2005, with a wholly owned banking subsidiary,
Community National Bank, headquartered in Escondido, California. The
bank's primary focus is community banking, providing commercial
banking services including commercial, real estate and SBA loans to
small and medium sized businesses. The bank serves San Diego County
and southwest Riverside County with ten community banking offices in
Bonsall, El Cajon, Encinitas, Escondido, Fallbrook, La Mesa, Murrieta,
Santee, Temecula and Vista, and has additional SBA loan production
offices that originate loans in California, Arizona, Nevada and
Oregon.
FORWARD LOOKING STATEMENTS
Statements concerning future performance, developments or events,
expectations for growth and income forecasts, and any other guidance
on future periods, constitute forward-looking statements that are
subject to a number of risks and uncertainties. Actual results may
differ materially from stated expectations. Specific factors include,
but are not limited to, loan production, balance sheet management,
expanded net interest margin, the ability to control costs and
expenses, interest rate changes and financial policies of the United
States government (including the Small Business Administration), and
general economic conditions. Additional information on these and other
factors that could affect financial results are included in its
Securities and Exchange Commission filings. The Company disclaims any
obligation to update any such factors or to publicly announce the
results of any revisions to any forward-looking statements contained
herein to reflect future events or developments.