COLUMBIA, Md., June 25 /PRNewswire-FirstCall/ --
Columbia Bancorp (Nasdaq: CBMD), parent company of The Columbia Bank
(collectively, the "Company"), announced today that it completed a private
offering of $6 million of trust preferred securities through a statutory trust
formed for that purpose. The securities mature in 30 years and are
redeemable, in whole or in part, without penalty, at the option of Columbia
Bancorp after five years. The securities bear a floating rate of interest,
which will be reset quarterly, with an initial rate of 4.21%. The Company
intends to use the proceeds of the offering for general corporate purposes,
which may include repurchases of the Company's common stock.
The trust preferred securities have not been registered under the
Securities Act of 1933, as amended, or applicable state securities laws, and
unless so registered, may not be offered or sold in the United States, except
pursuant to an applicable exemption from the registration requirements of the
Securities Act of 1933, as amended, and applicable state securities laws. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy the trust preferred securities.
Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
company and parent company of The Columbia Bank, a commercial bank. The
Columbia Bank currently operates twenty-four banking offices in the
Baltimore/Washington Corridor and provides a full range of financial services
to consumers and businesses.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements are based on Columbia Bancorp's current intent,
belief and expectations. These statements are not guarantees of future
performance and are subject to certain risks and uncertainties that are
difficult to predict. Actual results may differ materially from these
forward-looking statements because of interest rate fluctuations, a
deterioration of economic conditions in the Baltimore/Washington metropolitan
area, a downturn in the real estate market, losses from impaired loans, an
increase in non-performing assets, potential exposure to environmental laws,
federal and state bank laws and regulations, the highly competitive nature of
the banking industry, a loss of key personnel, changes in accounting standards
and other risks described in this filing and the Company's other filings with
the Securities and Exchange Commission. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of today's date. Columbia Bancorp undertakes no
obligation to update or revise the information contained in this filing
whether as a result of new information, future events or circumstances or
otherwise. Past results of operations may not be indicative of future
results.
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/comp/127921.html
CONTACT:
John A. Scaldara, Jr., President and COO of
Columbia Bancorp, +1-410-423-8012
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