ISLANDIA, N.Y., Jan. 7 /PRNewswire-FirstCall/ -- Empire National Bank (OTC Bulletin Board: EMPK), a full service Long Island-based independent, commercial bank, today announced the successful completion of a private placement of 512,330 newly issued shares of its common stock at a price of $10.00 per share. The net proceeds of the offering, after deducting offering expenses, were approximately $5.1 million for the Bank.
"We were pleased with the positive response to our offering from our local community and greatly appreciate the confidence that investors have shown in our bank," stated Douglas Manditch, Chief Executive Officer of Empire National Bank. "We set out to raise the additional capital to enable us to continue to take advantage of growth opportunities that we see in our market."
President Thomas Buonaiuto noted, "We believe that the success of this capital raise reflects the belief shared by many local, individual investors that Empire National Bank's business model, initial results and future prospects are worthy of establishing a long-term equity position."
The shares of common stock issued in connection with the private placement will not be registered under the Securities Act of 1933, as amended, as made applicable to the bank through federal banking regulations.
About Empire National Bank
Empire National Bank is a full-service community bank dedicated to serving the region's privately owned small to mid-sized businesses, professional practices, not-for-profit organizations, as well as Long Island's local residents. The Bank serves businesses and consumers with a full complement of deposit, loan and cash management products. As Long Island's 'Next Generation Bank', the Bank prides itself on delivering the highest quality service with a sense of urgency to every request; while offering innovative cash management products so that its customers can manage their cash flow efficiently and securely in today's fast paced business environment. The bank presently operates from three banking offices: 1707 Veterans Highway, Islandia, New York (main office); 1044 William Floyd Parkway, Shirley, New York; and 4747 Nesconset Highway, Port Jefferson Station, New York. Empire National Bank trades on the Over-The-Counter Bulletin Board under the symbol "EMPK".
Forward Looking Statements Disclaimer
Certain matters in this press release constitute forward-looking statements that involve assumptions and potential risks and uncertainties, which are made in a manner consistent with the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance and achievements of Empire National Bank to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These factors include: general economic, capital market and business conditions; risks arising from litigation or similar proceedings; interest rate fluctuations; levels of delinquent loans; employee turnover; government regulation; and those other factors discussed in the filings of Empire National Bank with the Office of the Comptroller of the Currency, which are incorporated in this press release by reference. Empire National Bank undertakes no obligation, and expressly disclaims any obligation, to update publicly or revise any forward looking statement, whether as a result of new information, future events or otherwise.
SOURCE Empire National Bank