First Bank of Greenwich raises capital

The First Bank of Greenwich has announced that it has successfully completed raising additional capital through the sale of 1,929,569 shares of previously authorized but unissued common stock of the bank at a price of $1.41 per share.

The stock offering was completed pursuant to a private placement and the offering was completed on Oct. 11, allowing the bank to raise a total of $2.7 million in equity capital. These additional capital funds enable the bank to maintain capital levels which exceed regulatory requirements for “well capitalized” institutions while it continues to grow its base of earning assets and improve performance for shareholders.

John Howland, President and Chief Executive Officer of the First Bank of Greenwich said, “As a result of the offering, the bank is better positioned to execute its mission and serve the banking needs of the residents and businesses in our market place. We are pleased to report that we were able to complete this offering on terms which increased the book value of the bank stock owned by all shareholders.”

As of Sept.30, The First Bank of Greenwich had total assets of $90.3 million, net loans of $73.2 million, and deposits of $72.1 million. With the addition of the capital raised in this offering, the bank’s shareholder’s equity will exceed $10.1 million, representing approximately 11.2% of assets.

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