Alliance Bancshares California Completes Sale of $10 Million in Trust Preferred Securities.CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif. -- Alliance Bancshares California (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABNS ABNS American Board of Neurological Surgery ABNS American Board of Nursing Specialties ABNS American Baptist News Service ), bank holding company of Alliance Bank, today announced that it has issued $10 million of new trust preferred securities. The trust preferred securities mature in 30 years, are redeemable at par at the Company's option beginning after five years and require quarterly distributions, initially at the rate of 6.73%, which will reset quarterly at the three-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 1.50%. The securities are subordinate to other borrowings and qualify as capital for regulatory purposes. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Curtis S. Reis commented, "With this new capital, we are able to continue the solid growth of recent years. This brings total capital including our loan loss reserve and trust preferred securities to over $80 million. The proceeds from the sale of the securities provide capital at a very attractive cost without dilution to our shareholders. We intend to use the capital to support further growth." With just under $750 million in total assets, Alliance Bank is one of the leading independent business banks headquartered in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , 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. |
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