PanAmerican Bancorp Raises a Total of $30 Million in a Private Placement; Upon Completion PanAmerican Bancorp Will Have Total As
August 02 2005 - 2:20PM
Business Wire
PanAmerican Bancorp (AMEX:PNB), (the "Company"), a single bank
holding company, today announced that it had raised $17.4 million
in a private placement of 4,350,000 units priced at $4.00 per unit.
Each unit consists of one share of common stock and one Series F
Common Stock Purchase Warrant to purchase 0.5 shares of the
Company's common stock. The Series F Common Stock Purchase Warrant
is exercisable at $4.00 per share. In addition to the above, the
Company has entered into definitive agreements with respect to
3,150,000 units for an additional $12.6 million in connection with
certain investors who are awaiting bank regulatory approval, the
closing on the sale of these units will occur as soon as bank
regulatory approval is received. Michael Golden, CEO of PanAmerican
Bancorp stated, "We are extremely pleased by the acceptance that
this offering has received from investors. As the Company bank has
grown, investors have become increasingly aware of our success and
recognize that we are an emerging banking force in the growing So.
Florida region. At June 30, 2005, total assets were $247 million
and our net loans receivable exceeded $202 million; increases since
March 31, 2005 of 18% and 21%, respectively and increases of 58%
and 71%, respectively compared to a year earlier. After the current
offering, the book value is $3.12 per share, the bank's total
assets are $265 million and the total capital is $57 million." Mr.
Golden added, "PanAmerican Bancorp will continue to focus on those
activities and principles that have contributed to our growth in
So. Florida, namely, loan receivable and asset growth, the addition
and retention of highly qualified bankers and accretive strategic
banking acquisitions. We believe that recent proposed bank mergers
have validated our view that the So. Florida region will garner
increased attention by the large bank holding companies who wish to
establish a presence in one of the fastest growing regions in the
U.S. PanAmerican Bancorp's growth and presence in So. Florida will
not go unrecognized." PanAmerican Bancorp Based in Miami, FL,
PanAmerican Bancorp is a single-bank holding company with
PanAmerican Bank, a state-chartered, federal member bank engaged in
a general commercial and consumer banking business, as the sole
subsidiary of the Company. For additional information, please visit
PanAmerican Bank's website at http://www.panamericanbank.com. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements involve risks and uncertainties that
could cause results or outcomes to differ materially from those
expressed in the forward-looking statements. Forward-looking
statements may include, without limitation, statements relating to
the Company's plans, strategies, objectives, expectations and
intentions and are intended to be made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as "believes," "forecasts," "intends," "possible,"
"estimates," "anticipates," and "plans" and similar expressions are
intended to identify forward-looking statements. Among the
important factors on which such statements are based are
assumptions concerning the business environment in Broward,
Miami-Dade and Palm Beach Counties of Florida where the Company's
bank subsidiary operates, the availability of additional capital to
help the bank subsidiary achieve the size necessary to attain and
sustain profitability, changes in interest rates, changes in the
banking industry in general, and particularly in the competitive
environment in which the bank subsidiary operates, and changes in
inflation. You should not place undue reliance on the Company's
forward-looking statements. Further, any forward-looking statement
speaks only as of the date on which it is made, and the Company
undertakes no obligation to update or revise any forward-looking
statements.
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