Toms River, New Jersey, April 20, 2005 – Shore Community Bank (OTCBB: SHRC) announced that it is planning to raise additional capital through the sale of additional shares of its Common Stock. The Bank will offer for sale, on a best efforts basis, 230,000 shares of Common Stock, with the option to sell an additional 50,000 shares to cover over-allotments, if any. The offering will be made for approximately 30 days to…
Toms River, New Jersey, April 20, 2005 – Shore Community Bank (OTCBB: SHRC) announced that it is planning to raise additional capital through the sale of additional shares of its Common Stock. The Bank will offer for sale, on a best efforts basis, 230,000 shares of Common Stock, with the option to sell an additional 50,000 shares to cover over-allotments, if any. The offering will be made for approximately 30 days to the Bank’s shareholders of record as of April 25, 2005 at a price of approximately $21.00 per share, with the actual sale price to be fixed by the Board of Directors immediately prior to the commencement of the offering. The offering is anticipated to start in May or June 2005, subject to receipt by the Bank of all regulatory approvals. In the event of an oversubscription by existing stockholders, orders will be filled on a pro-rata basis, based upon their existing percentage of stock ownership. If existing stockholders do not purchase all of the stock, it will be offered to the public, with a preference given to current customers of Shore Community Bank.
Theodore D. Bessler, President and Chief Executive Officer, stated, “The Board of Directors has tentatively established a sale price of $21.00 per share for the offering. However, the price is subject to change based upon the timing of the offering, and relevant economic and market conditions. The proceeds of the offering will be used to increase the Bank’s capital and will be available for expansion and general corporate purposes.”
Chairman of the Board, Zev Rosen stated, “This is an opportunity for the Bank to raise the additional capital required to increase its market share in the local communities that we serve and establish new branch locations in Ocean County.”
At March 31, 2005, the Bank had total assets of $132.7 million, compared to $125.9 million at December 31, 2004. Loans, deposits and stockholders’ equity at March 31, 2005 equaled $89.4 million, $114.2 million and $8.6 million, respectively, compared to $85.2 million, $107.2 million and $8.6 million, respectively, at December 31, 2004.
A copy of the prospectus for the offering may be obtained, when available, by contacting email@example.com.
Shore Community Bank was founded in 1997 by a group of local business leaders to return community-based banking to the Toms River, Ocean County, New Jersey area. The Bank operates four banking offices, three located in Toms River and one in Ortley Beach, New Jersey. Regulatory approvals have been received for a fifth branch office, which is expected to open in early 2006 at the intersection of Route 528 and Route 547 in Jackson Township, Ocean County, New Jersey.
The above information does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. The offer will be made solely by the prospectus, when available, and is not being made to persons in any jurisdiction in which the offer, solicitation or sale would be unlawful. You are urged to read the prospectus carefully before investing.
Information in this release relating to Shore Community Bank’s future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces effecting our banking business, such us changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
Forward-looking statements may be identified by the use of words such as “expects,” “believe,” “will,” “intends,” “will be or “would.” More information about factors that potentially could affect Shore Community Bank’s financial results will be included in the prospectus for the offering. Shore Community Bank assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.