American River Bankshares, the Rancho Cordova-based parent company for American River Bank, announced today they are offering $22 million of its common stock to the public.
The common stock offering is underwritten by Howe Barnes Hoefer & Arnett, Inc. as lead manager, and Wunderlich Securities, Inc. will be acting as co-manager. A statement from American River Bankshares said the company will be granting the underwriters the option to purchase up to $3.3 million of the stock to cover any over-allotments.
The statement also said the company will be using the net proceeds “for general corporate purposes, including organic growth and opportunistic acquisitions.”
American River Bankshares operates several financial services companies, including American River Bank in the Sacramento area, North Coast Bank in Sonoma County and Bank of Amador in Amador County. American River Bankshares reported a net income of $827,000 for the third quarter of 2009 in October, down from $1.93 million in the third quarter of 2008.
[...] River Bankshares, the parent company of American River Bank, announced an offering of $22 million in common stock at a price of $6.25 per [...]