North Jersey Community Bancorp, Inc. Successfully Completes Series C Preferred Offering
Community Bank Raises $7.5 Million in New Equity Capital, Bringing Its Tier One Capital to $64 Million
Apr 16, 2012, 09:00 ET
ENGLEWOOD CLIFFS, N.J., April 16, 2012 /PRNewswire/ -- North Jersey Community Bancorp, Inc. (the "Company"), the holding company for North Jersey Community Bank (the "Bank"), announced today that it has successfully completed its offering of Series C convertible preferred stock in a private transaction to local investors. The Company's $5 million offering was oversubscribed, so it utilized the $2.5 million overallotment and raised $7.5 million in new capital through the issuance of 7,500 shares of Series C convertible preferred stock, bringing the bank's tier one capital to over $64 million. Over the past seven years, NJCB's assets have grown to over $767 million.
"NJCB's ability to quickly and successfully raise new capital demonstrates the confidence of our investors in the bank's business model, strategic focus and opportunities for future growth," said Frank Sorrentino III, chairman and CEO of North Jersey Community Bancorp. "We have been proud of our ability to expand both our geographic footprint and product offerings during the past few years and this capital raise will allow us to continue to grow our customer base and the communities we serve."
The Series C preferred stock is convertible into common stock on the terms and conditions contained in the Series C preferred stock Offering. The shares of Series C preferred stock were sold in a private placement to investors qualifying as "accredited investors" under Securities and Exchange Commission rules. The Series C preferred stock bears a non-cumulative dividend payable at the initial rate of 3.25% per year, and float at the Prime Rate, as published in The Wall Street Journal, thereafter. However, regardless of the Prime Rate, the dividend rate will not exceed 7%.
NJCB, through its wholly owned subsidiary North Jersey Community Bank, offers a complete range of financial services for both personal and business customers, backed by advanced technology. The bank provides a full-line of banking products and services, including mortgages, home equity loans and lines of credit, as well as a wide selection of commercial services. Its "Simply Better Money Market Account," with one of the highest rates in the area, is available for both business and personal accounts and includes free checking and free online bill pay, and now mobile banking. Each of its branches feature NJCB's exclusive "Coin Toss" free coin counting machine as well as extended lobby hours from 7:00 a.m. to 7:00 p.m., Monday through Friday and 9:00 a.m. to 1:00 p.m. Saturday. NJCB also provides 24-hour ATM service and free online banking at www.njcb.com.
About North Jersey Community Bank:
North Jersey Community Bank was founded by local community and business leaders to provide the highest level of personalized community banking services to the Northern New Jersey Market. With a strong commitment to the communities it serves, the bank offers a variety of innovative deposit and loan products.
NJCB is one of the country's top performing community banks, as ranked by SNL Financial, a leading provider of news and data on the banking and financial services industry. Additionally, NJCB received a top 10 ranking on NJBIZ's 50 Fastest Growing Companies List, was a finalist for the publication's Business of the Year award and was named to Inc. Magazine's Inc. 500|5000 list as the 64th fastest growing bank in the country.
In addition, NJCB was also a recipient of the Forbes® Enterprise Awards -- the most esteemed and sought after small-business awards in the United States. The Forbes® Enterprise Awards honor the visionary practices and exemplary achievements of a select few small businesses.
NJCB is an Equal Housing and Equal Opportunity Lender, and a member of the Federal Deposit Insurance Corporation. For more information, call 201-816-8900, go online to the bank's website at www.njcb.com, or visit NJCB's Facebook page at www.facebook.com/NJCBfan.
SOURCE North Jersey Community Bancorp, Inc.
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