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Community Bank of the Bay completes $11.5M private placement

Community Bank of the Bay completed a private placement of $11.5 million of its common shares to institutional investors at $7.50 per share.

Net proceeds from the offering will be used for general corporate purposes, including the redemption of $4 million of preferred stock that the Oakland, Calif.-based bank issued to the U.S. Treasury Department under its Community Development Capital Initiative program.

MJC Partners LLC served as sole placement agent for the offering.