By Lisa Kerner
Charlotte, N.C., May 4 – Noah Bank raised $10.96 million on April 16 from the private placement of $9 million of fixed-rate subordinated notes due 2025 and the placement of 2,658,000 shares of its common stock.
The subordinated notes were sold to two institutional investors and are expected to qualify as tier 2 capital for regulatory capital purposes.
Of the shares sold, 1.21 million were sold to “friends and family” through the efforts of chief executive officer Edward Shin, according to a news release. The remaining shares were sold to an institutional investor.
Sandler O'Neill & Partners, LP acted as placement agent.
Shin said the additional capital provides further support for the bank’s operations. Additionally, it will allow the bank to “well exceed” the capital ratio requirements set forth in existing consent agreements with the Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking and Securities.
Noah Bank has legal headquarters in Elkins Park, Penn., and operational headquarters in Fort Lee, N.J.
| Issuer: | Noah Bank
|
| Issue: | Fixed-rate subordinated notes
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| Amount: | $9 million
|
| Maturity: | 2025
|
| Settlement date: | April 16
|
| Agent: | Sandler O'Neill & Partners, LP
|
| Distribution: | Private placement
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