Nov. 29, 2017 — Oregon Pacific Bank (OPB) announced it has raised $13.58 million dollars through a private stock offering campaign.
Oregon Pacific Bancorp, the holding company for OPB, issued 2,508,750 new shares of common stock and an existing shareholder sold 500,000 in a secondary offering. All stocks were bought at a purchase price of $4.60 per share.
OPB CEO Ron Green, whose office is at the Florence location, said the funds will be leveraged to help provide local businesses with more than $130 million in new loans.
“The additional capital will allow us to build on our success and make significant investments in the communities we serve,” he said. “Our reputation as a local, community-based bank has been solidified in Florence, Coos Bay and Roseburg for many years. We remain committed to supporting these communities.”
Oregon Pacific Bancorp intends to dedicate all of the net proceeds raised to OPB as capital. This influx of capital will, among other things, allow customers to apply for a larger loan for their business or personal needs.
The additional capital will also allow OPB to add to and improve the bank’s business technology platform, increasing the variety and sophistication of online services available to business clients.
OPB plans to continue growing in Lane, Douglas, Coos and Jackson counties through local decision making and by providing the communities it serves with more banking options.
“With the trend of bank consolidations over the past few years, we believe local businesses and professionals are demanding additional choices when it comes to their banking relationships,” Green said. “With increased lending capacity, our existing trust and wealth management team and 100 percent local decision making, we can truly make a difference in the lives of our clients.”
Green reiterated the bank’s mission, which is to serve its shareholders, clients, communities and employees with a full range of banking services.
“Our growth will create opportunities for our employees and hopefully attract the best bankers in the markets,” he said.
Another aspect of OPB’s commitment to local communities is the contribution of money and personnel to projects and organizations that add to the overall livability of an area.
To this end, OPB has established college scholarships for high school seniors in all the communities the bank serves, and has supported a number of local nonprofit organizations with financial donations.
In addition, employees are given paid time off to volunteer for charities of their choice.
They can also participate in a casual Friday fund by donating to a small pot of money, usually totaling between $200 to $400, which is given to a rotating group of local nonprofits and service organizations.
“These policies have developed a strong culture of giving and involvement by everyone in the Oregon Pacific Bank family,” Green said.
The most recent addition to the fundraising efforts undertaken by OPB is the creation of the Marteen Wick First Citizen Scholarship Fund.
This scholarship will be awarded yearly to an outstanding student citizen from Siuslaw High School.
OPB was established in 1979 and is headquartered in Florence. It has full service branches in Coos Bay and Roseburg, a trust office in Medford and a professional banking and trust office in Eugene.