Message #6 From:
Stock News Bot Date: January 4, 2006 11:46:00 AM
ABNS News Alliance Bancshares California Raises $11.3 Million in Convertible Preferred Stock
CULVER CITY, Calif.--(BUSINESS WIRE)--Jan. 4, 2006--Alliance Bancshares California, "ABNS" (OTCBB:ABNS), bank holding company of Alliance Bank, announced that it has raised $11.3 million of capital through a private placement of 667,096 shares of a newly created series of preferred stock designated 6.82% Series B Non-Cumulative Convertible Non-Voting Preferred Stock. The shares were issued at $17.00 per share.
Chairman and CEO Curtis S. Reis commented, "With this new capital, we are able to continue the solid growth of recent years. Our goal was $10 million so it was gratifying to see the issue so well received. This will grow Alliance Bank's total capital and reserves to over $65 million. The proceeds from the sale of the securities provide capital at an attractive cost. The outlook for a business-oriented bank like Alliance is very attractive in Southern California. We believe the best is yet to come."
With approximately $600 million in total assets, Alliance Bank is one of the leading independent business banks headquartered in Southern California, offering a wide range of financial solutions tailored to corporate customers, executives and professionals. Serving small- to mid-sized businesses, Alliance Bank's strategy focuses on delivering progressive products and services, including deposit and cash management services as well as commercial, small business, asset-based, construction and real estate financing. Founded in 1980, Alliance Bank is the principal subsidiary of Alliance Bancshares California (OTCBB:ABNS), with regional banking offices in Culver City, Irvine, Woodland Hills and Burbank. Alliance can be found on the Web at www.allbank.com.
