Bank Intends to Raise $23.1M
Greensboro, NC – March 6, 2008 – The Organizers of Premier Commercial Bank (proposed) announced today that stock sales of their initial public offering have exceeded the minimum offering amount of $17.6 million, with commitments of $18,600,000. The bank is now scheduled to begin operations on April 21, 2008, subject to regulatory approval.
“This is a tremendous accomplishment in today’s difficult financial environment,” said Frank Gavigan, president and CEO of Premier Commercial Bank (proposed). “Our goal has been to create a well-capitalized bank as the foundation of a strong and sound lending institution. The favorable response of investors has allowed us to exceed our minimum goal. We believe that the capital we have raised and the high-caliber staff we are hiring will be key components of our success in the Triad.”
In order to maximize the initial capital, the bank’s Organizers have extended the stock offering to raise additional capital, up to $23.1 million. The extended offering period will end no later than May 30, 2008, however, the Organizers reserve the right to end the offering at any time.
“The Board of Directors of Premier Commercial Bank (proposed) could not be more pleased with the results of the initial public offering,” said Sterling Kelly, chairman of the board. “It is our understanding that this is the largest sum ever raised in an initial stock offering by a startup bank in the Triad. Such success reflects investors’ confidence in our business plan and in the ability of our senior executives to execute the plan.”
An Offering Circular detailing the investment opportunity is available to prospective investors by request. Please contact the organizing office at 336-323-1115, or visit the website at www.pcbnc.com.
About Premier Commercial Bank (proposed)
The Organizers of Premier Commercial Bank (proposed) believe that it will be the first business bank headquartered in North Carolina’s Piedmont Triad focused exclusively on meeting the needs of small and medium-sized businesses. It is anticipated that the bank will offer an extensive line of commercial products and services to target customers in manufacturing, warehousing, transportation, real estate, medical, legal, financial and other fields. It is intended that personal banking services will also be available to its commercial customers.
This release does not constitute an offer to sell, or the solicitation of an offer to buy, shares of stock of Premier Commercial Bank (proposed). Any offer or solicitation is made only by means of the proposed bank’s offering circular. There shall be no sale of stock in any state in which any offer, solicitation of an offer or sale would be unlawful. The proposed bank’s stock will not be insured by the FDIC or any governmental agency, is not bank guaranteed, and is subject to investment risk, including loss of principal.