CoBiz Financial Inc. (NASDAQ:COBZ) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.  Entry into a Material Agreement

CoBiz Financial Inc. (the “Company”) has executed a second amendment to its Amended and Restated Credit Agreement (“Credit Agreement”) with U.S. Bank National Association (“Lender”), effective as of May 13, 2017.  The Lender committed, subject to the terms and conditions set forth in the aforementioned Credit Agreement, to make revolving loans to the Company for an aggregate amount not to exceed $20.0 million (the “Credit Facility”) for a period of one year, with any outstanding amounts due and payable on May 12, 2018.  Interest on the outstanding balance under the Credit Facility is payable at a rate equal to one-month LIBOR rate plus 225 basis points (2.25%).  The Credit Facility also bears a non-usage fee of 0.35% per annum on the average daily available commitment.  The proceeds from the Credit Facility will be used for general corporate purposes and backup liquidity.  Although the Credit Facility is unsecured, the Company has agreed not to sell, pledge or transfer any part of its right, title or interest in its subsidiary bank, CoBiz Bank (the “Bank”).    

The foregoing discussion briefly summarizes the renewal of the Credit Agreement, and does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the copy of the Second Amendment to Amended and Restated Credit Agreement that will be filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2017.  A copy of the Amended and Restated Credit Agreement was filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2015.   

Item 2.03.  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information related to the Credit agreement discussed under Item 1.01 above is hereby incorporated by reference under this Item 2.03. 

About CoBiz Financial Inc. (NASDAQ:COBZ)

CoBiz Financial Inc. (CoBiz) is a financial holding company. The Company operates in three segments: Commercial Banking, Fee-Based Lines, and Corporate Support and Other. The Commercial Banking segment offers commercial, real estate and private banking, as well as treasury management, interest-rate hedging and depository products. The Fee-Based Lines segment offers employee benefits brokerage and consulting, insurance brokerage and wealth management services. Its subsidiary, CoBiz Bank (the Bank), is a full-service business banking institution. In Colorado, the Bank operates under the name Colorado Business Bank and has over 10 locations, including approximately nine in the Denver metropolitan area, and others in Boulder, Colorado Springs, Fort Collins and Vail. In Arizona, the Bank operates under the name Arizona Business Bank and has over five locations serving the Phoenix metropolitan area and the surrounding area of Maricopa County.

CoBiz Financial Inc. (NASDAQ:COBZ) Recent Trading Information

CoBiz Financial Inc. (NASDAQ:COBZ) closed its last trading session down -0.13 at 16.22 with 22,696 shares trading hands.