Printer Friendly

FRANKLIN BANK SUCCESSFULLY COMPLETES SECURITIES OFFERING

 SOUTHFIELD, Mich., Dec. 15 /PRNewswire/ -- Franklin Bank, N.A. (NASDAQ-NMS: FSVB) today announced the successful completion of its offering of $7,500,000 10-year-term subordinated notes and 250,000 shares of common stock. An underwriters' over-allotment of up to 37,500 additional common shares may also be issued.
 The notes were priced at par and will bear interest, payable quarterly, at 8.50 percent per annum. The shares were priced at $7.75 per share.
 The proceeds of the notes will be utilized to redeem all of Franklin's approximately $7.3 million 12 percent subordinated outstanding notes; which will result in substantial annual net interest savings to the bank.
 First of Michigan Corporation and Hamilton Investments, Inc. were co-managers of the offering.
 While Franklin currently exceeds all regulatory capital requirements, the net proceeds of the offering will further increase the bank's capital. Following completion of the offering, Franklin's core, tier one and total risk-based capital ratios will be 5.87 percent, 7.03 percent and 10.55 percent, respectively.
 Franklin Bank is headquartered in Southfield and primarily serves small to medium-sized business customers and affluent individual customers in southeastern Michigan via three regional branches located in Southfield, Birmingham and Grosse Pointe Woods.
 This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering is made only by the Offering Circular.
 The subordinated notes are not deposits and are not insured by the Federal Deposit Insurance Corporation. They are subordinate to the claims of depositors and other creditors as more fully described in the Offering Circular.
 Copies of the Offering Circular may be obtained from the underwriters or other dealers or brokers as may lawfully offer these securities in such state.
 -0- 12/15/92
 /CONTACT: Rebecca J. Christian or Lisa Aupperle of Franklin Bank, 313-358-1615 or 800-356-8910 (Outside Michigan)/
 (FSVB)


CO: Franklin Bank, N.A. ST: Michigan IN: FIN SU: OFR

SB-ML -- DE011 -- 7145 12/15/92 11:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 15, 1992
Words:332
Previous Article:ACC ANNOUNCES PROMOTIONS OF MIEHE AND PANAY
Next Article:HAUSER REPORTS REVENUES AND EARNINGS DOUBLED FOR SECOND QUARTER OF FISCAL 1993
Topics:


Related Articles
FRANKLIN BANK PLANS TO REDEEM 12 PERCENT SUBORDINATED NOTES -- ISSUE NEW SECURITIES
Franklin Bank, N.A. To Offer REIT Preferred Securities
Franklin Finance Corporation Declares Sixth Preferred Stock Dividend.
Franklin Bank Announces Director Election Vote.
Franklin Finance Corporation Declares Twelfth Preferred Stock Dividend.
Franklin Finance Corporation Declares Fifteenth Preferred Stock Dividend.
Franklin Bank Corp. Announces Definitive Agreement for Elgin Bank of Texas.
Franklin Financial Corporation Announces Quarterly Dividend.
Franklin Bank Corp. Signs an Agreement to Acquire First National Bank of Bryan.
Prosperity Bank(R) to Acquire All Deposits of Franklin Bank From FDIC.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters