Community Bank Investors of America to Buy Equity in Silvergate Capital Corporation.RICHMOND, Va. -- Community Bank Investors of America, LP ("CBIA CBIA California Building Industry Association CBIA Connecticut Business & Industry Association CBIA Coastal Barrier Improvement Act of 1990 CBIA California Background Investigators Association CBIA Crisis Briefing & Information Area "), a private equity fund, on August 6, 2007, reported that it has entered into an agreement with La Jolla La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , California-based Silvergate Capital Corporation, parent of Silvergate Bank ($307 million in assets), to purchase a 9.9% equity stake in the company. The terms of the transaction were not disclosed. As part of the agreement CBIA will immediately apply for regulatory approval from the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Department of Financial Institutions to increase its ownership to as much as 24.9% becoming a controlling shareholder as defined by applicable regulations. Contemporaneously con·tem·po·ra·ne·ous adj. Originating, existing, or happening during the same period of time: the contemporaneous reigns of two monarchs. See Synonyms at contemporary. with the CBIA's investment and application for control, Anderson & Strudwick, who has served as advisor to CBIA in the transaction, will launch a common stock offering of newly issued and selling shareholder stock for up to $31,000,000. "The metro San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. market is very exciting and will provide a great opportunity to create value for our investors," said Larry Fentriss and Tim Anonick, the managing members of Community Bank Investors' general partner. "Over the next five years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time markets in which Silvergate operates are expected to grow 50% faster than the national average." "We are very excited to be working with CBIA on this transaction," said Dennis Frank, Chairman of Silvergate Bank. "This is a critical component in the process of changing our business to that of a Community Bank and converting from our Industrial Loan charter, which has limited our ability to offer full-service banking to the business community here in San Diego." Community Bank Investors of America, LP specializes in purchasing material stakes in community banks and implementing "best practices" with the objective of significantly improved shareholder value. The deal is expected to close in the fourth quarter of 2007, pending regulatory approval. Anderson & Strudwick, Inc. served as financial adviser to Community Bank Investors of America, LP. |
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