VISALIA, Calif.–(PRNewswire)–Suncrest Bank (OTCQX: SBKK) today announced that it has completed its acquisition of Security First Bank in Fresno, CA. The acquisition, which was first announced on September 1st, 2016, was concluded following receipt of shareholder approval for the transaction from the shareholders of Security First Bank and all required regulatory approvals. As of September 30, 2016, Suncrest Bank had $353 million in total assets and Security First Bank had $104 million in total assets.
In addition, Suncrest Bank also announced today that it has completed a private placement of $7.0 million of the bank’s common stock. As a part of the offering, the Company issued 678,788 shares, at a purchase price of $8.25 per share, to Castle Creek Capital Partners VI, L.P. for a total investment of $5.6 million, and 169,698 shares, at a purchase price of $8.25 per share, to two of the bank’s Directors for a total investment of $1.4 million.
“We are delighted to have completed our second acquisition in a year, and are excited about the opportunity to grow our business in the Fresno market,” said Ciaran McMullan, President and CEO of Suncrest Bank. “We set ourselves the ambitious goal of growing to $500 million in total assets within five years, and with the completion of this deal we have effectively achieved that target, two years ahead of schedule,” added McMullan.