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Syringa Bancorp Ups Authorized Shares, Plans Offering

January 4, 2010 (FinancialWire) — The shareholders of Syringa Bancorp (OTCBB: SGBP), at a special meeting of the shareholders, have voted to increase the authorized common stock of Syringa Bancorp from ten million shares to fifty million shares of common stock.

Syringa Bancorp plans to raise $7 million in additional capital through the issuance of capital stock in a private placement offering. In the event the offering is oversubscribed, Syringa Bancorp said it may issue up to $14 million of additional shares of common stock of Syringa Bancorp.

Idaho-based Syringa Bancorp was organized in April 2005 as a holding company of Syringa Bank. Syringa Bank has six branch locations and two mortgage offices, all within the state of Idaho.

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