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Article: First Charter Bank announces completion of recapitalization changes in senior management.
- Article from:
- Business Wire
- Article date:
- September 30, 1996
CopyrightCOPYRIGHT 1996 Business Wire. 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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BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Sept. 30, 1996--First Charter Bank (OTC BB:FCBK), N.A. announced Monday the completion of a $5.5 million recapitalization through private placement of a newly created issue of Non Cumulative Convertible Preferred Stock Series A, to a group of institutional and individual investors.
Net proceeds of the offering, estimated to be $5.048 million will constitute Tier 1 capital of the Bank. As a result of this offering, the Bank believes it is in compliance with the capital requirements of a Prompt Corrective Action directive recently issued by the Office of the Comptroller of the Currency.
Commenting on the successful ...