CBES Bancorp Inc., The Holding Company for Community Bank of Excelsior Springs, Completes Initial Stock Offering.EXCELSIOR SPRINGS, Mo.--(BUSINESS WIRE)--Sept. 27, 1996--Larry E. Hermreck, chief executive officer of Community Bank of Excelsior Springs, ("Community Bank"), based in Excelsior Springs, announced today that CBES CBES Cherokee Bend Elementary School (Mountain Brook, Alabama) CBES Cost/Benefit Estimating Service Bancorp Inc., the holding company for Community Bank, has completed its stock offering. CBES Bancorp Inc. will issue 1,024,958 shares of it's common stock at $10 per share totaling $10.25 million to approximately 400 shareholders. It is anticipated that the common stock of CBES Bancorp Inc. will begin trading on the Nasdaq "Small Cap" Market under the symbol "CBES" on Sept. 30, 1996. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). contributed to Community Bank upon conversion will substantially increase its capital. Community Bank ultimately intends to use such funds for general corporate purposes, including the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of loans. It is expected that in the interim, all or part of the proceeds will be invested in short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and intermediate-term Intermediate-term Typically one-ten years. intermediate-term Of or relating to an investment with an expected holding period somewhere between short-term and long-term. securities. On September 19, 1996, Community Bank's Plan of Conversion was approved by Community Bank's depositor and borrower members at a special meeting that was held at the main office of the institution. Hermreck indicated that the Board of Directors and Officers of Community Bank wish to express their thanks for the response by their customers to the stock offering and that Community Bank looks forward to serving the needs of its customers as a stock institution. Trident Securities Inc. of Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. managed the offering for CBES Bancorp Inc. CONTACT: CBES Bancorp Larry E. Hermreck, 816/630-6711 |
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