FLORIDA BANK PURCHASE
The below is the purchase options received by the CEO from the bank’s Board of Directors on September 21, 2012.
The Board of Directors today approved a new rights offering to shareholders of record in the amount of 2.5 million shares. The rights offering was approved after the Board of Directors rejected an offer to purchase 51% of the bank on September 20, 2012. The issuance of these shares pursuant to the rights offering will take 30-45 days. The board has decided to sell 100% of the bank. This decision was based upon the current state of the bank and the expected continued growth in 2012 and beyond. The book value per share has grown exponentially in 2012 and will continue to do so going forward.
Therefore, the board will entertain the 100% purchase of the bank only. They estimated two pricing options to purchase 100% of the bank that would receive board approval.
The first option is to purchase the bank prior to the issuance of the 2.5 million new shares inclusive in the rights offering. The price of this option would be $13,000,000. Option two, will be to purchase the bank after the shares are issued and purchased by the shareholders at a price of $16,500,000-$17,000,000.
The board’s price determination is based upon the current financials of the bank, new business in residential mortgages and SBA Loans, book value per share growth, minimal classified assets and strong customer base that is growing in this area. Also, the bank has a state charter in Florida that can be easily converted to a national charter. The bank is also in “good standing” with the FDIC. The updated call report is available at the FDIC website.
The current financials, locations, classified assets and all other pertinent information will be provided to serious investors only by REM Enterprises. This information will be forwarded once a confidentiality agreement is executed by the investor/buyer only.
This is an opportunity for an investor to purchase a bank with great growth, solid asset base, minimal debt issues, new business markets and great locations.
To pursue one of these options, please contact Ronald E. McFarland of REM Enterprises at 951-545-7629 or e-mail email@example.com.