By Devika Patel
Knoxville, Tenn., July 26 - Mission Oaks Bancorp, Inc. said it completed a $7 million private placement of units.
The company sold units of four common shares and one warrant at $4.00 apiece. Each warrant is exercisable at $1.00 until 2013.
Proceeds will be used to bolster the capital of Mission Oaks National Bank.
Mission Oaks is the parent of Mission Oaks National Bank, a Temecula, Calif., federally chartered community bank.
| Issuer: | Mission Oaks Bancorp, Inc.
|
| Issue: | Units of four common shares and one warrant
|
| Amount: | $7 million
|
| Price: | $4.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 2013
|
| Warrant strike price: | $1.00
|
| Settlement date: | July 26
|
| Stock symbol: | OTCBB: MOKB
|
| Stock price: | $1.25 at close July 23
|
| Market capitalization: | $5.62 million
|
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