|For Immediate Release
||Contact: Kevin Pesko/President
Bank of Belleville to Have Community Stock Offering
Bank has entered into agreement to redeem stock of majority shareholder
BELLEVILLE, Ill, July. 8, 2009: – Bank of Belleville President, Kevin Pesko, announced today that the bank has entered into a stock redemption agreement with its majority shareholder, Capitol Bancorp Limited (NYSE; CBC). The agreement, subject to regulatory approval, calls for the bank to purchase CBCs 51 percent interest in Bank of Belleville with the proceeds of a private stock offering.
Bank of Belleville opened on November 4, 2005 and grew to approximately $74
million in assets at the end of 2008, its third full year of business. Beginning
with eight full-time employees, the bank has doubled the size of its team and in
2008 added 2,000 square feet to the bank facility. We have been well received by the community, receiving the Belleville News Democrat
Reader's Choice Award for Best Financial Institution in 2008. We know our customers and they know us. I think this familiarity is a fundamental difference between large banks and community banks. This has also been a key in maintaining a loan portfolio free of problem loans during very difficult times. It has served us well to be a community bank located on Main Street in the Midwest, said Pesko.
Prior to opening in the fall of 2005, we were oversubscribed for our initial stock offering,
commented Pesko. Since then, we have been asked frequently about the
availability of our stock. Over the next several weeks we will be raising
approximately $5.5 Million in a private, community offering of our capital stock. The proceeds will be used primarily for the purchase of CBC's interest in the bank, but will also provide funds to support additional growth.
Bank of Belleville would not be in existence today if it were not for our partnership with CBC. They provided critical support during our organizational process, including our regulatory applications; they were there for guidance during start-up and have been a key service provider in our early years.
This offering provides a unique opportunity for our bank to be the only community bank in our market with a diverse base of shareholders from the public at large. The vision is for the community to truly own Bank of Belleville, said Pesko. To receive an offering circular and learn more about the community stock offering, call Kevin Pesko or Ron Stephens at 233-6400.
About Bank of Belleville
Bank of Belleville, is a full-service community bank focused on providing relationship banking to small and mid-sized businesses, their owners and management teams, as well as entrepreneurs and local residents. The bank offers the conveniences of an ATM and a courier service for business clients from its location at 720 West Main Street in Belleville. Hours are Monday
- Friday, 9 a.m. to 6 p.m., and Saturday from 9 a.m. to Noon.