Cardinal State Bank Closes Successful Stock Offering
19 May 2004 - 7:00AM
PR Newswire (US)
Cardinal State Bank Closes Successful Stock Offering Bank raises
nearly $9.5 million in net capital in rights and public offering of
stock. DURHAM, N.C., May 18 /PRNewswire-FirstCall/ -- Cardinal
State Bank has closed its sale of common stock, raising nearly $9.5
million in net capital on the sale of 981,707 shares, announced
John W. Mallard, Jr., president and CEO for the Bank. The
additional capital predominantly will be utilized to pursue
expanded banking operations in Durham and neighboring markets.
McKinnon & Company, Inc., a Norfolk, VA-based investment
banking firm, managed the offering which began at 700,000 shares at
an estimated $7.2 million in value. Strong demand created the
opportunity for increasing the size of the offering. "We are all
pleased with the overwhelming success of our stock offering,"
Mallard commented. "With this additional capital, an important link
in our strategic plan for sustainable growth and profitability is
now in place. Cardinal State Bank is poised to capitalize on
current market conditions through a focus on commercial lending and
well-defined growth strategies, complemented by a constant focus on
extraordinary customer service and competitive products." In
conjunction with the secondary stock offering, Cardinal State Bank
applied to have its stock listed on the NASDAQ Small Cap Market.
The application was approved and the Bank's stock will begin
listing on the NASDAQ Small Cap Market on Wednesday, May 19, 2004
under the symbol CSNC. Cardinal State Bank, headquartered in
Durham, NC, is a full-service community bank. Founded in 2001, the
Bank has three offices in Durham: Independence Park, Westgate Drive
and Homestead Market. As of March 31, 2004, the Bank reported
$103.5 million in total assets. http://www.cardinalstatebank.com/
This news release may contain, among other things, certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, (i) statements regarding certain of Cardinal State
Bank's goals and expectations with respect to earnings, earnings
per share, revenue, expenses and the growth rate in such items, as
well as other measures of economic performance, including
statements relating to estimates of credit quality trends, and (ii)
statements preceded by, followed by or that include the words
"may", "could", "should", "would", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "projects", "outlook" or
similar expressions. These statements are based upon the current
beliefs and expectations of Cardinal State Bank's management and
are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties that are subject to change based on various factors
(many of which are beyond Cardinal State Bank's control).
DATASOURCE: Cardinal State Bank CONTACT: John W. Mallard, Jr.,
President and CEO of Cardinal State Bank, +1-919-403-2833, or Web
site: http://www.cardinalstatebank.com/
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