First Intercontinental Bank Completes $6.0 Million Common Stock Offering and Repays TARP Obligations
September 12 2014 - 4:34PM
Business Wire
First Intercontinental Bank (the “Bank”) (OTCMKTS: FIEB)
announced the successful completion of the offering of 1,142,855
shares of newly issued common stock at a price of $5.25 per share
to shareholders and institutional investors. The Bank also
announced that it used approximately $4.2 million of the net
proceeds of the offering to repurchase all of its Series A Fixed
Rate Non-Cumulative Perpetual Preferred Stock and Series B Fixed
Rate Non-Cumulative Perpetual Preferred Stock issued through the
U.S. Treasury’s Troubled Asset Relief Capital Purchase Program. The
Bank plans to use the remaining approximately $1.8 million in net
proceeds from the offering for organic growth and other general
corporate purposes.
“The Board of Directors and management team of the Bank are
pleased with the strong investor interest in participating in the
offering,” stated Dong Wook Kim, President and CEO of the Bank. “We
appreciate the continued support of our shareholders, and look
forward to a very bright future for the Bank.”
Alston & Bird LLP served as the Bank’s legal counsel in
connection with the offering.
First Intercontinental BankDong Wook KimPresident and
CEO770.451.7200
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