Alliance Bancshares California Completes Sale of $7 Million in Trust Preferred Securities.Business Editors 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.--(BUSINESS WIRE)--Nov. 8, 2002 Alliance Bancshares California "ABNS ABNS American Board of Neurological Surgery ABNS American Board of Nursing Specialties ABNS American Baptist News Service ", (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABNS) bank holding company of Alliance Bank, is pleased to announce the issuance of $7 million of trust preferred securities in a pooled transaction through an institutional broker. The trust preferred securities mature in 30 years, are redeemable at the Company's option beginning after five years and require quarterly distributions, initially at the rate of 5.27%, which will reset quarterly at the three month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 3.45%. The securities are subordinate to other borrowings and qualify as capital for regulatory purposes. ABNS will use $3 million of the proceeds to pay off a line of credit at Pacific Coast Bankers' Bank. Chairman and President Curtis S. Reis commented, "With this new capital, we are able to continue the solid growth of recent years. The proceeds from the sale of the securities will provide a capital vehicle at a reasonable cost to allow Alliance Bank to continue taking advantage of growth opportunities. This non-equity method of increasing capital has the benefit of no shareholder dilution." With over $180 million in assets, Alliance Bank is one of the leading independent business banks headquartered in Southern California and offers 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 financial solutions including deposit services and commercial, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government , accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , 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 and Irvine. Alliance can be found on the Web at www.allbank.com. |
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