SOURCE: Bank On It, Inc.

June 02, 2006 16:00 ET

Bank On It, Inc. Announces Completion of Trust Preferred Offering

STOCKTON, CA -- (MARKET WIRE) -- June 2, 2006 -- Bank On It, Inc. (OTCBB: BKOT) today announced the receipt of $4 million in net proceeds through its participation in a pooled trust preferred securities offering. The Company intends to downstream most of the proceeds from the issuance to its subsidiary, Community Bank of San Joaquin, to provide for future growth opportunities as well as to increase current regulatory lending limits to borrowers.

The underlying capital securities mature on June 15, 2036, and are callable at the option of Bank On It, Inc. after five years. The securities pay quarterly cash distributions at a rate of three month LIBOR plus 1.43%, reset quarterly.

About Community Bank of San Joaquin

Community Bank of San Joaquin, located at 22 West Yokuts Avenue, Stockton, California, opened in late 1999. Locally owned and locally managed, Community Bank is truly a "full service bank" -- specializing in banking for small businesses. It offers a variety of business and personal banking services, including commercial lending, cash management, and trust and investment services. Rudy Croce, Chairman of the Board, and Jane Butterfield, CEO and President, lead the Bank. For more information please call 209-956-7000 or visit www.cbsjbank.com.

Forward-Looking Statements

This press release may contain forward-looking statements about the Company within the meaning of the United States Private Securities Litigations Reform Act of 1995. Broadly speaking, forward-looking statements include forecasts of future financial results and condition, expectations for future operations and business, and any assumptions underlying those forecasts and expectations. They can be identified by phrases such as the Company or its management "believes," "expects," "anticipates," "foresees" or other words of similar import. The reader of this press release should not unduly rely on forward-looking statements. Actual outcomes and results might differ significantly from forecasts and expectations.

Contact Information

  • Media and Investor Contact:
    Jane Butterfield
    Community Bank of San Joaquin
    (209) 955-8712
    Email Contact