American Community Bank Sells Out Second Stock Offering.MONROE, N.C.--(BUSINESS WIRE)--Aug. 26, 1998-- Over-Subscription Prompts Union County Bank to Increase Stock Issue 300,000 hares American Community Bank Proposed, a state-chartered bank based in Monroe, N.C., has sold all 300,000 shares it recently made available as an increase to its initial public offering. The 300,000 shares were in addition to the original 900,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. and sold earlier this summer. During the initial offering, American Community Bank sold the maximum authorized offering of 900,000 shares in 45 days at a price of $11 per share. Strong demand for the initial offering motivated the bank's board of directors to authorize To empower another with the legal right to perform an action. The Constitution authorizes Congress to regulate interstate commerce. authorize v. to officially empower someone to act. (See: authority) 300,000 more shares. Newly offered shares also sold out in 45 days. "We're excited about the response American Community Bank has generated from the community," said Randy P. Helton, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Community Bank. "We plan to work hard to become an outstanding citizen and to ensure that the bank becomes a good investment for ourshareholders." The total of 1.25 million shares sold gives the bank a total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. of $13.75 million. American Community Bank was chartered in July 1998 and is expected to open for business on Nov. 1, 1998. American Community Bank is a full-service state-chartered bank. It was established to provide the Union County community with a locally owned and managed community bank. For more information on American ComNC 28111; or visit their Web site at www.americ or For ACB ACB American Council of the Blind ACB Asia Commercial Bank ACB America's Community Bankers ACB Adjusted Cost Base ACB Alliance for the Chesapeake Bay ACB Amphibious Construction Battalion (US Navy) ACB Australian Cricket Board William Mills William Mills may refer to:
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