SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

SOURCE: Seacoast Commerce Banc Holdings

Seacoast Commerce Banc Holdings

March 27, 2015 15:53 ET

Seacoast Commerce Banc Holdings Completes Loan Transaction Providing Additional Capital to Seacoast Commerce Bank

SAN DIEGO, CA--(Marketwired - March 27, 2015) - Seacoast Commerce Banc Holdings (OTCQB: SCBH), a bank holding company with one wholly-owned subsidiary, Seacoast Commerce Bank, today announced the completion and funding of a bank holding company loan provided by Dallas-based NexBank SSB, in the amount of $7.0 million. $6.0 million of the proceeds from the holding company loan will be used to provide additional capital to the subsidiary bank, to support its continued growth. The terms of the loan agreement provide for a 10-year amortization with the loan all due and payable in five years.

Richard M. Sanborn, Seacoast's President and Chief Executive Officer commented, "One of the reasons we formed our holding company was to provide flexibility in our capital raising efforts. The holding company loan from NexBank SSB will provide additional capital to the bank in a non-dilutive manner to existing shareholders, and will help support our continued growth, which has been significant over the past few years."

Seacoast Commerce Banc Holdings, and its wholly-owned subsidiary, Seacoast Commerce Bank, are headquartered in San Diego, California, with full-service banking branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Seattle, Washington. For information on the bank please visit our bank website at www.sccombank.com. For more information on Seacoast Commerce Banc Holdings please visit our holding company website at www.scbholdings.com or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.

Contact Information

  • Richard M. Sanborn
    President and Chief Executive Officer
    858-432-7001