Glenwood Springs, Colo., July 18, 2022 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced that it has completed a private placement of $34 million of common stock through the sale of 1,192,983 shares of Class B nonvoting common stock, at $28.50 per share, to certain qualified institutional and accredited investors.
The Company expects to use the proceeds from the capital raise for general corporate purposes, including but not limited to supporting continued organic growth and enhancing regulatory capital ratios.
“We are excited to announce our successful capital raise. We feel the support for this offering, particularly in the current market environment, reflects Alpine’s strong performance and potential, which are driven by our dedicated employees, customers and communities,” said Alpine Banks of Colorado President and Vice Chairman, Glen Jammaron. “The additional capital will support our organic growth across the state of Colorado, and allow us to continue to serve and give back to the communities and customers who have supported us for nearly 50 years.”
D.A. Davidson & Co. served as financial advisor and sole placement agent of the offering for Alpine Banks of Colorado. Lewis Roca Rothgerber Christie LLP served as legal counsel to Alpine Banks of Colorado, and Holland & Knight LLP served as legal counsel to the placement agent.
This…
