|By Marketwired .||
|June 12, 2014 04:56 PM EDT||
SAN LUIS OBISPO, CA -- (Marketwired) -- 06/12/14 -- Coast Bancorp ("the Company") (OTCBB: CTBP), parent company for Coast National Bank, announced today the successful completion of a Private Placement of $6.8 million of debt and equity capital consisting of 4,800,000 in common stock of Coast Bancorp at $1.00 per share and $2,000,000 of Private Lender Senior Notes. The offering was primarily to accredited investors. The $6.8 million offering successfully provides the cash required to meet the obligations of the Company and provide for future growth. FIG Partners, LLC acted as sole placement agent for this offering.
Use of proceeds of the offering will be to bring current the Company's accrued interest on its subordinate debt, which is known as Trust Preferred (TRUPS), augment capital at its subsidiary, Coast National Bank, and other general corporate purposes.
Concurrent with this transaction the Company adopted a Tax Benefits Preservation Plan, designed to protect the significant benefit of the Company's Deferred Tax Asset for the benefit of all shareholders. This plan creates a positive benefit for legacy and new investors and enhanced the value of their investment. The potential recapture of the Deferred Tax Asset, in combination with the offering of common stock, is substantially accretive to the book value of existing shareholders.
Anita Robinson, President and CEO of both the Company and Coast National Bank, stated, "Coast National Bank entered into a Consent Order with the Office of the Comptroller of the Currency in February 2011, which was terminated in April of 2014 as a result of the diligent efforts of the board, management and employees. Once the credit quality issues were significantly improved, the focus then shifted to operational efficiencies and profitability. The bank is now poised to grow and take advantage of changes in the local banking market as one of the few remaining community banks in San Luis Obispo County." Robinson added, "This was a home run for our shareholders. Their book value per share at December 31, 2013 was ($1.02) and on a pro forma basis will increase to $0.60 per share, even before the value in our deferred tax asset has been preserved."
"The new Coast National Bank emerges with a fresh perspective on what it takes to be a successful community bank. The commitment to our community never faltered and remains as steadfast as ever. We are looking forward to implementing our strategies to build out the bank and service our community. The focus will be to continue to grow our small business lending, which has always been one of our best attributes. As the bank emerges from the storm, it is revitalized and excited about the future."
Established in 1997, Coast National Bank is a local community bank serving the banking needs of consumers and businesses through four local offices serving San Luis Obispo County. With a focus on delivering outstanding customer service, Coast National Bank is an expert in small business lending, as preferred lender with the SBA, and provides an array of business and personal banking deposit products and other services. For further information, visit www.coastnationalbank.com or call 805.541.0400.
Coast National Bank is an Equal Housing Lender and member FDIC.
This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings and operations in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "intend," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Factors that could cause future results to vary materially from current management expectations include, but are not limited to, the ability of management to successfully utilize the capital raised in the recent offering, general economic conditions, economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Oct. 26, 2016 07:00 PM EDT Reads: 2,339
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 26, 2016 06:30 PM EDT Reads: 1,081
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 26, 2016 06:30 PM EDT Reads: 1,656
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 26, 2016 06:15 PM EDT Reads: 1,143
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Oct. 26, 2016 05:45 PM EDT Reads: 1,657
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 26, 2016 05:30 PM EDT Reads: 1,510
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 26, 2016 05:15 PM EDT Reads: 1,266
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Oct. 26, 2016 05:00 PM EDT Reads: 4,205
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 26, 2016 05:00 PM EDT Reads: 9,060
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Oct. 26, 2016 04:30 PM EDT Reads: 1,670
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that ...
Oct. 26, 2016 04:15 PM EDT Reads: 370
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 26, 2016 04:00 PM EDT Reads: 2,120
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Oct. 26, 2016 04:00 PM EDT Reads: 3,827
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 26, 2016 03:45 PM EDT Reads: 1,511
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 26, 2016 03:30 PM EDT Reads: 1,083