NEWTON CENTRE, Mass., April 29, 2011 /PRNewswire/ -- First Commons Bank of Newton, Mass., today announced it had raised approximately $7.4 million of new capital in a private placement that ended April 20, 2011. Approximately $5.9 million was raised in the quarter ending March 31, 2011, contributing to an 8.5% increase in total assets to $119 million versus the previous quarter ending December 31, 2010. First Commons Bank opened for business on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.
"We are pleased with our continued ability to raise capital in these difficult economic times. Since the bank's deposit growth has exceeded initial expectations, the net proceeds from the sale of common stock in our recent offering will provide us with new Tier 1 regulatory capital that provides additional room for growth. The new $5.9 million in capital raised by March 31, 2011, brought our total capital raised to almost $25 million since pre-formation and our March 31, 2011, Tier 1 capital ratio to 15.81%," said Tony Nuzzo, Chairman, President, and Chief Executive Officer. "Additionally, our loans grew by approximately 10% and our net interest margin grew by approximately 20%, reflecting our focused pursuit of sustained profitability."
"It is also interesting to note that with more than 7,500 FDIC-insured banks in the U.S. filing quarterly reports for the quarter ended December 31, 2010, First Commons Bank assets have now surpassed those of more than 3,100 other banks, or more than 41 percent, after just 7 quarters of operations," Nuzzo said.
About First Commons Bank
First Commons Bank, N.A., is a new, nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in 2009, reports total assets of more than $119 million, making it larger than 41% of all FDIC-insured banks in the U.S. First Commons Bank provides clients with superior, personalized service and the highest-quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank (http://firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts. Follow First Commons Bank on Facebook at http://facebook.com/firstcommonsbank, on Twitter at http://twitter.com/firstcommonsbnk and on LinkedIn at http://www.linkedin.com/company/first-commons-bank-newton-centre-ma.
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SOURCE First Commons Bank