Bank sells shares at 42.5% premium, bolstering its capital ratios
By Susanna Moon
Chicago, May 13 - Open Bank said it raised another $11.15 million of capital through a private placement of common shares. The bank sold the shares at a 42.5% premium to the company's May 12 closing price.
The bank issued 3,911,720 shares at $2.85 each.
"This added capital will allow us to maintain favorable capital ratios," Open Bank president and chief executive officer Min Kim said in a press release.
As a result of the capital injection, Open Bank's tier 1 leverage ratio is 14.61% as of April 30, the release noted.
The community bank is based in Los Angeles.
| Issuer: | Open Bank
|
| Issue: | Common stock
|
| Amount: | $11,148,402
|
| Shares: | 3,911,720
|
| Price: | $2.85
|
| Warrants: | No
|
| Settlement date: | May 13
|
| Stock symbol: | OTCBB: OPBK
|
| Stock price: | $2.00 at close May 12
|
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