By Sheri Kasprzak
New York, May 17 - Marco Community Bancorp, Inc. plans to raise $23,180,787 in a private placement.
The investors - the Barron Collier and Lutgert families, Kevin Hale and Michael Morris - agreed to buy 3,566,275 shares at $6.50 each.
Once the offering is completed, the investors will share controlling interest in the company.
Closing of the offering is contingent upon the company's shareholders approving an increase in the number of authorized common shares to 24 million.
Based in Marco Island, Fla., Marco Community Bancorp is a holding company for Marco Community Bank and for MCB Commercial Lending Corp.
| Issuer: | Marco Community Bancorp, Inc.
|
| Issue: | Stock
|
| Amount: | $23,180,787
|
| Shares: | 3,566,275
|
| Price: | $6.50
|
| Warrants: | No
|
| Announcement date: | May 17
|
| Stock symbol: | OTCBB MCBN
|
| Stock price: | $14.10 at close May 16
|
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