Toms River, N.J., July 26 /PRNewswire-FirstCall/ – Shore Community Bank (OTC Bulletin Board: SHRC – News) announced today that it has completed the sale of 280,000 shares of its common stock in a secondary offering at a price of $21.00 per share. The Bank will realize approximately $5.84 million in net proceeds from such offering. The Bank previously announced, on May 24, 2005, that it was offering for sale up to 230,000…
Toms River, N.J., July 26 /PRNewswire-FirstCall/ – Shore Community Bank (OTC Bulletin Board: SHRC – News) announced today that it has completed the sale of 280,000 shares of its common stock in a secondary offering at a price of $21.00 per share. The Bank will realize approximately $5.84 million in net proceeds from such offering.
The Bank previously announced, on May 24, 2005, that it was offering for sale up to 230,000 shares of its common stock, with an option to sell an additional 50,000 shares to cover over-allotments, if any. All of the 280,000 shares of stock offered for sale by the Bank in the offering were purchased by existing stockholders, directors and/or officers of the Bank.
Theodore Bessler, President & CEO of the Bank, stated, “Due to the overwhelming demand from our existing stockholders, we increased the offering by over 21% of the original amount of 230,000 shares and sold an additional 50,000 shares to cover over-allotments. The results of this offering are a direct reflection of the unwavering support of our shareholders, directors, and management.” Bessler further stated, “The new capital raised in the offering will enable the Bank to continue its growth strategy with respect to loans, deposits and new branch locations. While our long-term strategic objectives provide the road map for the future growth of our organization, community banking will always be the hallmark of our efforts.”
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.
At June 30, 2005, the Bank had total assets, deposits, loans (net of allowance for loan losses) and stockholders’ equity of $151.5 million, $132.3 million, $102.4 million and $9.1 million, respectively.
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 as 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.” Shore Community Bank assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.