Solera National Bancorp has completed the second closing of its initial public offering and raised in excess of $25.5 million.
Proceeds of the offering capitalized its banking subsidiary, Solera National Bank. The bank commenced operations in September, 2007.
The company now has more than 750 shareholders, the majority of which are from the Denver Metropolitan area. The large, local shareholder base is a key element in continuing its client acquisition strategy.
Paul Ferguson, president of Solera National Bancorp, said: We set out to raise a minimum of $20 million in capital to operate our new bank and completed our initial closing on September 10, 2007 raising in excess of $22 million.
During the past several months we have continued the capital raising process and have raised an additional $2.9 million bringing our total to more than $25.5 million. Solera National Bancorp’s strong capital position will allow the company to take advantage of changes in the banking and financial markets in Colorado.