1st Capital Bancorp, Inc. Announces Completion of $15 Million Subordinated Debt Offering

SALINAS, CA / ACCESSWIRE / June 18, 2021 / 1st Capital Bancorp (the "Company"), (OTC PINK:FISB), the $875 million asset bank holding company and parent company of 1st Capital Bank (the "Bank"), today announced that it has completed a private placement of $15 million in fixed-to-floating rate subordinated notes due June 30, 2031 (the "Notes") to certain qualified buyers and accredited investors. 1st Capital Bancorp intends to use the net proceeds to support organic growth and for general corporate purposes.

The Notes are structured to qualify as Tier 2 capital for the Company for regulatory purposes and will carry a fixed rate of 4.0% until June 30, 2026. Thereafter, the Notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month SOFR plus 339 basis points. The subordinated notes are redeemable by the Company at its option, in whole or in part, on or after June 30, 2026.

Chief Executive Officer Samuel D. Jimenez stated, "We are pleased to announce the successful completion of our subordinated debt offering. The overall cost of this capital is highly attractive, is non-dilutive to our shareholders, and strategically supports continued growth for the Bank."

Piper Sandler & Co. served as the sole placement agent for this offering. Stuart, Moore, & Staub, served as legal counsel to the Company and Otteson Shapiro LLP served as legal counsel to the placement agent.

About 1st Capital Bancorp
1st Capital Bancorp, Inc. is the parent company of 1st Capital Bank (Bank), a California state-non member commercial bank headquartered in Salinas, California. The Bank's primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, and San Luis Obispo and a loan production office in Santa Cruz County. The Bank's corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank's website is www.1stCapital.bank. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001. Member FDIC / Equal Opportunity Lender / SBA Preferred Lender