People's Bank of Commerce, headquartered in Medford, announced that it will offer for sale up to 500,000 shares of common stock to existing shareholders, employees and the public at $10 per share.
The offering will commence today and expire on Aug. 31, according to a company news release. The shares will be offered exclusively to existing shareholders on a pro-rata basis until July 8, then any unsold shares will be offered to bank employees, shareholders desiring to purchase additional shares above their pro-rata amount, and to other interested investors.
The bank's directors and officers will conduct the offering, for which they will receive no commissions, the company said. Net proceeds of the offering will be used for capital to support further growth of the bank.
People's Bank of Commerce commenced operations in March 1998 and conducts business from its main office and a branch office in Medford, with branch offices in Ashland and Central Point.
Offering materials will be mailed to all existing shareholders and are available upon request from Russ Milburn, chief financial officer of People's Bank of Commerce, 1311 Barnett Road, Medford, OR 97504.
Call 541-608-8912 for information.
WASHINGTON — America as a whole has regained all the household wealth it lost to the Great Recession and then some, thanks to higher stock and home prices.
The average household still has a long way to go.
U.S. household wealth jumped $3 trillion to $70 trillion in the January-March quarter this year, the Federal Reserve said last week. That topped the previous peak of $68 trillion in the third quarter of 2007, just before the recession began.
Yet because of inflation and a rising population, the average household has recovered only about 63 percent of the wealth it lost, according to separate calculations by the Federal Reserve Bank of St. Louis. Affluent households have benefited most because most of the recovered wealth has come from higher stock prices. The wealthiest 10 percent of Americans own about 80 percent of stocks.
From staff and wire reports