Daily News: June 27, 2013

Avidbank Holdings Completes $16MM Private Offering

Avidbank Holdings, the parent company of Avidbank, reported the successful completion of a $16 million private offering of common shares. Investors purchased 1,641,026 newly issued Avidbank common shares at a purchase price of $9.75 per share.

Mark D. Mordell, chairman and CEO of Avidbank Holdings stated, “We believe the successful completion of this offering is a significant step forward for our Company, providing the capital we need to continue our growth and giving us the opportunity to repurchase our outstanding TARP securities. It will also allow us to maximize our potential in one of the most opportune markets in the country.”

Sandler O’Neill + Partners acted as the sole placement agent for Avidbank Holdings in connection with the offering. Manatt, Phelps & Phillips acted as legal counsel to Avidbank Holdings.