SPOKANE, Wash., Dec. 1, 2011 (GLOBE NEWSWIRE) -- RiverBank Holding Company, the parent company of RiverBank, today announced that it successfully raised $5 million of common stock in a private placement offering that was completed on November 23, 2011, with the Board of Directors and management participating in the offering. RiverBank Holding Company is a single-bank holding company with RiverBank as its wholly owned subsidiary. RiverBank Holding Company intends to downstream a majority of the proceeds from the offering to RiverBank to strengthen its capital.
"We are pleased to have completed the offering ahead of schedule and appreciate the support and confidence shown to RiverBank Holding Company during the offering," said Chuck Brooks, Chief Executive Officer.
About RiverBank
Founded in 2006, RiverBank serves the greater Spokane, Washington market through its unique single location model and mobile branching services located in the downtown University District. RiverBank had total assets at September 30, 2011 of $151 million with 32 employees. RiverBank is devoted to creating long-term client relationships by delivering high quality, technologically advanced and competitively priced products and services to small business, professionals and private banking clients. Visit RiverBank online at www.riverbankonline.com
Forward-Looking Statements
This release contains forward-looking statements that are not historical facts and that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These forwardlooking statements may include, but are not limited to, statements about RiverBank's plans, objectives, expectations, strategy and intentions and other statements contained in this release that are not historical facts and pertain to RiverBank's future operating results and capital position, including RiverBank's ability to complete recovery plans, and RiverBank's ability to reduce future loan losses, improve its deposit mix, execute its asset resolution initiatives, execute its lending initiatives, contain costs, realize operating efficiencies and provide increased customer support and service. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond RiverBank's control. These include but are not limited to: RiverBank's ability to execute on its business plan and maintain adequate liquidity; the possibility of continued adverse economic developments that may, among other things, increase default and delinquency risks in RiverBank's loan portfolios; shifts in interest rates that may result in lower interest rate margins; shifts in the demand for RiverBank's loan and other products; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; changes in laws, regulations and the competitive environment; and RiverBank's ability to comply with regulatory actions and agreements. Unless legally required, RiverBank disclaims any obligation to update any forward-looking statements.