First Robinson Fincl Corp. completes initial stock offering.ROBINSON, Ill.--(BUSINESS WIRE)--July 1, 1997--Mr. Rick L. Catt, President of First Robinson Savings and Loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. , F.A. ("First Robinson"), based in Robinson, Ill., announced today that First Robinson Financial Corp., the holding company for First Robinson Savings and Loan, F.A., has completed its initial common stock offering. It is anticipated that the common stock of First Robinson Financial Corp. will begin trading on the Nasdaq SmallCap Market under the symbol "FRFC FRFC Fast Rician Fading Channel " on June 30, 1997. In addition, following the stock conversion, the institution will convert to a national bank to be known as "First Robinson 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. , N.A. (the "Bank")." First Robinson Financial Corp., will issue 859,625 shares of its common stock. 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 First Robinson upon conversion will substantially increase its capital. First Robinson ultimately intends to use such funds for general corporate purposes, among them 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 and other investments. 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 securities. On June 19, 1997, First Robinson's Plan of Conversion was approved by First Robinson's depositor and borrower members at a Special Meeting that was held at the main office of the institution. Mr. Catt indicated that the Officers and Board of Directors of First Robinson want to express their thanks for the response by customers and the community to the stock offering and that the Association looks forward to serving the needs of its customers as a stock institution. Trident Securities, Inc. of Raleigh, N.C. managed the subscription and community offerings for First Robinson Financial Corp. CONTACT: First Robinson Savings and Loan, F.A. Rick L. Catt, 618/544-8621 |
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