BRANFORD SAVINGS BANK ANNOUNCES SHAREHOLDER APPROVAL OF INCREASE IN CAPITAL STOCK FOR RIGHTS OFFERING
BRANFORD SAVINGS BANK ANNOUNCES SHAREHOLDER APPROVAL
OF INCREASE IN CAPITAL STOCK FOR RIGHTS OFFERING
BRANFORD, Conn., Nov. 21 /PRNewswire/ -- Branford Savings Bank (NASDAQ-NMS: BSBC) today announced that its shareholders approved an increase in the bank's authorized common stock at a special meeting held today. The increase to 30 million shares was necessary to meet the requirements of the bank's ongoing rights offering. The bank is pleased with the level of support that shareholders have shown by authorizing the additional stock for the offering. This was an important step in the process of restoring the bank's financial health. The bank is offering shareholders and the public the opportunity to purchase units consisting of common stock of the bank and warrants to purchase additional common stock. The rights offering will end on Nov. 26, 1991, unless extended by the bank. Any unsold units may then be offered to the public.
Shareholders also approved the 1991 stock option plan.
Branford Savings Bank is an FDIC-insured, state chartered savings bank founded in 1889. Five offices are located in Branford (2), North Branford and East Haven (2).
/CONTACT: Gregory R. Shook, senior vice president of Branford Savings, 203-481-3471/
(BSBC) CO: Branford Savings Bank ST: Connecticut IN: FIN SU: OFR JT-OS -- NY094 -- 6049 11/21/91 16:17 EST