UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 19, 2015
CoBiz Financial Inc.
(Exact name of registrant as specified in its charter)
Commission file number 001-15955
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Colorado | | 84-0826324 |
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(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
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821 17th Street
Denver, Colorado | | 80202 |
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(Address of principal executive offices) | | (Zip Code) |
(303) 312 - 3400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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◻ | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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◻ | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
◻ | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
◻ | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
The Company has decided to close its investment banking subsidiary, Green Manning & Bunch as of March 31, 2015. In 2014, investment banking income totaled 3.0% of the Company’s operating revenue (the sum of net interest income and noninterest income). The Company has decided to focus on fee-based business lines with recurring revenue. The increasing cost of regulatory compliance was also a contributing factor in the Company’s decision.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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| | CoBiz Financial Inc. |
| | (Registrant) |
Date: | February 19, 2015 | | |
| | /s/ Lyne Andrich |
| | Lyne Andrich |
| | EVP & CFO |
