Marlton-based Liberty Bell Bank announced Monday that it has entered into a stock purchase agreement with a private investor.
The investor, Kenneth R. Lehman, currently holds approximately 16.85 percent of the bank’s stock. According to the announcement, he has agreed to purchase $1.00 per share up to 2.9 million shares of the bank’s common stock.
“This Agreement with Ken Lehman is part our $5 million capital raise that we commenced today. We are also offering 2.1 million shares at $1.00 per share to our shareholders and the local community pursuant to an offering circular that is currently being distributed, and we anticipate a short offering period. We may close as soon as all available shares are subscribed, which we anticipate will be before May 12, 2014. The completion of this capital raise will allow us to be in compliance with all of the provisions of the Consent Orders issued to us by our regulators last fall,” said Kevin Kutcher, president and CEO.
According to the announcement, under the agreement, the number of shares Lehman can buy is limited to prevent an ownership change. The shares he will purchase will depend on the number of shares sold in the offering.
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