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REDWOOD EMPIRE BANCORP FILES REGISTRATION STATEMENT FOR 500,000 SHARES OF PREFERRED STOCK

 SANTA ROSA, Calif., Jan. 14 /PRNewswire/ -- Redwood Empire Bancorp (AMEX: REB) announced today that it has filed a Registration Statement with the Securities and Exchange Commission (SEC) for 500,000 shares of Noncumulative Convertible Perpetual Preferred Stock, Series A. The company has also granted the underwriters an option to purchase an additional 75,000 shares solely to cover over-allotments. The Preferred Stock is convertible into the company's common stock.
 The company intends to use the net proceeds from the offering to build the equity positions of its subsidiaries, National Bank of the Redwoods and Allied Savings Bank, and for general corporate purposes.
 Van Kasper & Co. will be the underwriter for the proposed offering.
 The company intends to apply for listing of the Preferred Stock on The American Stock Exchange (AMEX) under the proposed symbol "REB.PR." The company's common stock is listed on the AMEX under the symbol "REB."
 Redwood Empire Bancorp is the holding company for two operating subsidiaries: National Bank of the Redwoods, a commercial bank, and Allied Savings Bank, F.S.B., a savings bank. The company operates throughout Northern California.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A prospectus relating to these securities may be obtained from Van Kasper & Co., 50 California St., Suite 2400, San Francisco, CA 94111, Attn: Syndicate Department.
 -0- 1/14/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383; or David Walke or Miriam Adler, 212-986-5900, all of Morgen-Walke Associates/
 (REB)


CO: Redwood Empire Bancorp ST: California IN: FIN SU:

TM-GT -- SF001 -- 4667 01/14/93 06:30 EST
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Publication:PR Newswire
Date:Jan 14, 1993
Words:344
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