Published: March 18, 2010
Fortune Bank Seeks Shareholder Approval for Charter Amendment as Part of Proposed Capital Raise
SEATTLE - (BUSINESS WIRE) - Fortune Bank announced today that it is seeking the approval of its
shareholders for an amendment and restatement of its Articles of
Incorporation as part of a proposed capital raise. In order to enable
the Bank to proceed with the capital raise, the proposed amendment
would, among other things, increase the authorized number of shares of
common stock from 10 million to 250 million. The proposed amendment also
includes certain other provisions that are typical for a publicly traded
company.
The Bank anticipates seeking to raise additional capital of at least
$450,000,000. The Bank's capital raising efforts are subject to market
conditions and a number of other conditions, including the approval of
certain regulatory filings by the Federal Deposit Insurance Corporation
and the Washington Department of Financial Institutions. In addition to
raising funds to finance the Bank's organic growth and to make potential
FDIC-assisted and unassisted acquisitions and for general corporate
purposes, the other purpose of the capital raise is to unite the Fortune
Bank management team and a team of experienced senior bankers headed by
Martin Glynn of Vancouver, British Columbia, who would become the Chief
Executive Officer following completion of the capital raise, with David
Straus, Fortune Bank's current President and Chief Executive Officer
serving as the Chief Operating Officer. A nationally recognized
investment bank is expected to lead the Bank's capital raising efforts.
The proposed capital raise will be made solely by means of an offering
circular.
About Fortune Bank
Fortune Bank was founded in 2006 and is privately held with
approximately 300 shareholders and 27 employees. At December 31, 2009,
deposits totaled approximately $103 million and loans totaled
approximately $83.6 million. It had tangible common equity at year-end
of $14.8 million.
This press release is not an offer to sell or the solicitation of an
offer to buy any securities described in this press release.
Fortune Bank
President and CEO
David Straus,
206-254-7260
http://www.fortunebankwa.com
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