YORK, Pa., Sept. 29, 2017 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) announced today that it has raised $10 million through a private placement of common stock. A total of 606,061 shares were sold to a limited number of institutional bank investors at a price of $16.50 per share. York Traditions Bank intends to use the proceeds of the offering to support continued organic growth and general operations.
"Strong growth in loan demand, fueled by healthy local economic conditions and our identity as the local banking choice, is a key driver of this desire for additional capital," stated Eugene J. Draganosky, President and Chief Executive Officer. "Further, our previously announced York City branch addition and natural extension into other geographic market areas represent further opportunities to expand our reach. We are pleased that the institutional investment community has recognized our performance and embraced our potential for even greater success."
Griffin Financial Group, LLC acted as financial advisor and placement agent. Rhoads & Sinon LLP acted as legal counsel.
About York Traditions Bank
York Traditions Bank was created to provide a new and innovative approach to banking that is built on solid traditional values, and on leading edge and customer-friendly technology. Founded on October 28, 2002, York Traditions values its ties to the community and partnership with clients. York Traditions Bank has an administrative headquarters and five retail branches in York County, and has announced its intentions to open (pending customary regulatory approvals) a Downtown York branch at the corner of North George and East Philadelphia Streets in the Spring of 2018. For more information, visit www.YorkTraditionsBank.com.
Safe Harbor Statement:
Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Because of these risks and uncertainties, our actual future results may be materially different from the results indicated by these forward looking statements. In addition, our past results of operations do not necessarily indicate our future results. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE York Traditions Bank