DENVER, Dec. 15, 2008 (GLOBE NEWSWIRE) -- Guaranty Bancorp (Nasdaq:GBNK) today announced that Castle Creek Capital Partners III, LP ("Castle Creek Fund"), which currently owns approximately 5% of the Company's common stock, has applied to the Board of Governors of the Federal Reserve System ("Federal Reserve") for approval to acquire up to 19.9% ownership of the Company (after taking account of previous purchases). John Eggemeyer, the Company's Chairman of the Board, owns a controlling interest in the Castle Creek Fund. Mr. Eggemeyer currently beneficially owns 6.2% of the Company's common stock, which includes the shares of common stock owned by the Castle Creek Fund.
The Castle Creek Fund is presently considering, and has discussed with Company management, a possible acquisition of additional shares of Common Stock by the Castle Creek Fund, either directly from the Company, in market transactions, or both. The Company understands that the Castle Creek Fund's continuing interest in such an acquisition will depend on a number of factors, including market conditions, the financial and other circumstances of the Company, regulatory and capital considerations and developments, and other matters. Any acquisition by the Castle Creek Fund or any of its affiliates of additional shares of common stock directly from the Company would be subject to the receipt of approval from the Federal Reserve and the preparation and negotiation of mutually satisfactory definitive agreements.
About Guaranty Bancorp
Guaranty Bancorp is a bank holding company that operates 34 branches in Colorado through a single bank, Guaranty Bank and Trust Company. The bank provides banking and other financial services including real estate, construction, commercial and industrial, energy, consumer and agricultural loans throughout its targeted Colorado markets to consumers and small to medium-sized businesses, including the owners and employees of those businesses. The bank also provides trust services, including personal trust administration, estate settlement, investment management accounts and self-directed IRAs. More information about Guaranty Bancorp can be found at www.gbnk.com.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions in those areas in which the Company operates; demographic changes; competition; fluctuations in interest rates; continued ability to attract and employ qualified personnel; costs and uncertainties related to the outcome of pending litigation; changes in business strategy or development plans; changes that occur in the securities markets; changes in governmental legislation or regulation; changes in credit quality; the availability of capital to fund the expansion of the Company's business; the failure to obtain approval to participate in the U.S. Treasury's Capital Purchase Program and, if such approval is obtained, the failure to complete the sale of preferred stock under such program; economic, political and global changes arising from natural disasters; the war on terrorism; conflicts in the Middle East; and additional "Risk Factors" referenced in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as supplemented from time to time. When relying on forward-looking statements to make decisions with respect to the Company, investors and others are cautioned to consider these and other risks and uncertainties. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.