Branford Savings Bank announces completion of rights offering.BRANFORD, Conn.--(BUSINESS WIRE)--Nov. 2, 1994--Branford Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. announced today the completion of its previously announced Rights Offering. In the Rights Offering, which was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , Branford sold to its stockholders 3,879,140 shares of its common stock for $2.00 a share. In addition, in connection with the Rights Offering, Branford sold 253,827 shares of common stock and 1,379,533 shares of its non-voting common stock to Centerbank (Waterbury, Conn.). Such shares resulted in aggregate proceeds from the Rights Offering, before deducting expenses, of $11,025,000. On Oct. 20, 1994, the bank's stockholders approved a reserve split in which each ten shares of common stock were changed to one share of common stock, which split became effective on such date. The shares in the Rights Offering were sold after the effect of the reverse stock split. As a result of such sale, Branford's capital is above all applicable regulatory minimum capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , including its 6% leverage capital ratio requirement. Branford Savings Bank is an FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured, state chartered savings bank founded in 1889. The bank's stock is traded in the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System, under the symbol BSBCD. Five offices are located in Branford (2), North Branford and East Haven (2). CONTACT: Branford Savings Bank Gregory R. Shook, 203/481-3471 |
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