Triad’s Only Business Bank Forms Organizing Board; Plans Greensboro Opening in Late 2007
Greensboro (August 2, 2007) -- Premier Commercial Bank (proposed) announced today that it has formed its organizing Board of Directors and has begun accepting subscriptions for shares of common stock.
The stock offering formally begins today and will terminate on October 31, 2007. The minimum individual subscription is 3,000 shares at a price of $11.00 per share.
The organizing Board and proposed Executive Officers have committed to purchase approximately $2.5 million, or up to 11%, of the total offering if the maximum amount of stock (2.1 million shares) is issued.
“The public sale of stock and the sizeable financial commitments of our organizing Board are critical steps in the establishment of our institution,” said Frank Gavigan, the proposed President and Chief Executive Officer. “The capital we are raising will allow us to provide loans to our first customers, support our initial asset base, and cover organizational costs.”
“The organizing Board is comprised of a cross section of professionals who reflect the diversity of the Triad’s business community,” said Gavigan. “They are active men and women, engaged in a variety of professions, who will work to help grow the bank and its customer base.”
Mr. Gavigan and Ed Swing, the proposed Chief Financial Officer, will conduct presentations for prospective investors in Greensboro, Winston-Salem, High Point, Burlington, and other selected cities in North Carolina, South Carolina, and Virginia. Premier Commercial Bank (proposed) plans to open its first office in Greensboro in late 2007. Future locations are planned for Winston-Salem and High Point, subject to regulatory approval.
An Offering Circular detailing the investment opportunity is available to prospective investors by request. Those interested in receiving an offering circular or attending a presentation should contact the organizing office at 336-323-1115, or visit the website at www.pcbnc.com.
About Premier Commercial Bank (proposed)
The organizers of Premier Commercial Bank (proposed) believe that it will be the first business bank headquartered in North Carolina’s Piedmont Triad focused exclusively on meeting the needs of small and medium-sized businesses. It is anticipated that the bank will offer an extensive line of commercial products and services to target customers in the real estate, medical, legal, financial and other fields. It is intended that personal banking services will also be available to commercial customers.
This release does not constitute an offer to sell, or the solicitation of an offer to buy, shares of stock of Premier Commercial Bank (proposed). Any offer or solicitation is made only by means of the proposed bank’s offering circular. There shall be no sale of stock in any state in which any offer, solicitation of an offer or sale would be unlawful. The proposed bank’s stock will not be insured by the FDIC or any governmental agency, is not bank guaranteed, and is subject to investment risk, including loss of principal.