Syringa Bank parent extends stock offer

Brad Carlson//December 3, 2011//

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Syringa Bancorp has extended its stock offering originally slated to conclude Sept. 15.

All parties agreed to extend the escrow closing date to Jan. 16 as they continue to work through a few issues, said CEO Scott Gibson, president and CEO of the community bank based in Boise. He would not elaborate, citing confidentiality of escrow conditions.

Syringa in late April announced it had $10.7 million from local investors in escrow for purchase of the bank’s common stock and some Syringa Bank assets. The investors include all board members and executive officers of the bank.

The bank last year missed a capital-raising deadline, prompting state and federal regulators to require it to raise more money and increase capital ratios to a greater extent.

Gibson said Syringa recently sees improving trends in its balance sheet and profit-loss statement, and a slight improvement in capital ratio as problem assets decrease.

The stock on Dec. 2 traded at 6 cents, the bottom of its one-year range between 6 and 13 cents.