SOURCE: Capital Pacific Bancorp

March 20, 2008 13:19 ET

Capital Pacific Bancorp Lands $1.8M in Private Placement

PORTLAND, OR--(Marketwire - March 20, 2008) - Capital Pacific Bancorp (OTCBB: CPBO) is pleased to announce that the company recently closed a $1.8 million private placement of common stock.

The equity came from a group of accredited investors, including several members of the Board of Directors and management team, and demonstrates a commitment to the company's leadership and belief in its business model. The investors agreed to invest at a price of $9.50 per share. Each share carries a detachable warrant for 0.25 shares of common stock with an exercise price of $10.50 per share. Capital Pacific Bancorp's average 90-day trading price was $8.10 as of the closing date. McAdams Wright Ragen, Inc. served as the placement agent for the privately offered common stock.

"We're pleased to have closed this private placement with a group of experienced bank investors," said CEO Mark Stevenson. "We're committed to being the best business bank in Portland, and this new capital positions us well for future growth. Our focus remains on increasing deposits and building our business with local businesses, including non-profit organizations, professional firms and property management companies."

About Capital Pacific Bancorp

Capital Pacific Bancorp (OTCBB: CPBO) is the parent company of Capital Pacific Bank, which serves businesses, professionals and nonprofit organizations with comprehensive banking solutions and an elite level of service. Headquartered in the Fox Tower in downtown Portland, the bank's full array of products and services are delivered through a strategic combination of highly experienced client service officers and the innovative application of technology. For more information on Capital Pacific Bancorp, past press releases, or to see copies of previous letters to shareholders, visit www.capitalpacificbank.com.

Forward-Looking statements

Statements in this release about future events or performance are forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the company to be materially different from any future results expressed or implied by such forward-looking statements. Factors that could affect future results include fluctuations in interest rates, and economic conditions, and the impact those factors may have upon clients of the company. Other factors include competition for loans and deposits within the company's trade area, and the impact that may have upon growth or income. Although forward-looking statements help to provide complete information about the company, readers should keep in mind that forward-looking statements may be less reliable than historical information. The company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.

Contact Information

  • Contact:
    Mark Stevenson
    CEO
    Felice Belfiore
    CFO
    (503) 796-0100