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Article: Change in plans: Rochester bank scraps holding company offering.(NEWS & ANALYSIS: in brief)(Brief article)
- Article from:
- New Hampshire Business Review
- Article date:
- February 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 Business Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Profile Bank Inc., the proposed holding company for Profile Bank FSB in Rochester, has terminated its mutual holding company reorganization and minority stock offering.
Bank officials discontinued the offering because community subscriptions received so far were not sufficient to reach the minimum of the offering range. They will be returned with interest.
The bank had a goal to raise a minimum of 511 million, but only 56 million was raised.
"The banking industry gets painted with such a ...