Friday, 12 November 2010

People's Bank

People's Bank

The People's bank of commerce declared that they will be putting $2.5 million worth of stock on offer and they are doing it to help spread it's commercial lending. The privately held bank whose base is on Biddle Road in Medford said 263,158 shares of common stock are on offer at a price of $9.50 per share.

Present stockholders have until Dec. 10 to reserve one new share for every four they now hold. After that date, the limit will be removed for present shareholders, while new investors can buy in with a minimum purchase of 1,000 shares. "We're not raising this money to meet regulatory requirements," said President and Chief Executive Officer Ken Trautman. "As soon as the money comes in we'll be eligible to use it and we'll be putting those dollars to use." Although People's Bank of Commerce's capital position is among the best in the region, Trautman said capital requirements limit annual loan growth to less than 6.5 percent.

So peoples bank are ready to take a gamble with their earnings to try and enhance the name of the company and attract more customers through it's doors.

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