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New Resource Bank Secures $7.7 Million in Oversubscribed Private Placement Financing
January 26, 2012
SAN FRANCISCO, January 26, 2011 — New Resource Bank has raised $7.7 million in new equity through a private placement of stock. The new round of 1,750,000 shares, which closed January 20, 2012, was 10 percent oversubscribed and brings the bank’s total outstanding shares to 5,565,408 shares. The price in the private placement was set at $4.40/share.
“At a time like this, when banking is so challenged, this funding is a huge vote of confidence in the success of the bank,” said Mark A. Finser, chairman of the New Resource board. “Our mission really strikes a chord with our investors, who recognize that communities—and borrowers—are interested in banking with their values. They are looking for a bank like us.”
Major shareholders include Triodos Bank, which increased its ownership investment to more than 20 percent, and Portfolio 21 Investments, a new investor with a more than 5 percent stake. New Resource has approximately 360 shareholders; other major shareholders include the Generation IM Climate Solutions Fund.
“We are delighted to have discovered an investment opportunity in a bank that serves its community and shares a common philosophy with Portfolio 21,” said Anthony Tursich, Portfolio 21 senior portfolio manager. “New Resource Bank understands the risks and opportunities associated with environmental limits and we believe is positioned to thrive over the long term.”
“The new capital will enable the bank to continue to grow, to increase our lending limit and to take advantage of new business opportunities,” said New Resource President and CEO Vince Siciliano. “The exciting thing is that existing shareholders and important new shareholders have confidence in us.”
About New Resource Bank
New Resource Bank is the premiere bank for people who are leading the way to a more sustainable world. We match an entrepreneurial spirit with a dedication to achieving environmental and social as well as financial returns. Our mission is to advance sustainability with everything we do—the loans we make, the way we operate and our commitment to putting deposits to work for good. New Resource is a founding member of the Global Alliance for Banking on Values and a certified B Corporation.
This press release contains forward-looking statements. Forward-looking statements are based on currently available information, are not guarantees of future performance and are subject to numerous risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates; monetary policy established by the Federal Reserve;fluctuations in asset prices, including real estate; inflation; changes in laws or government regulations or policies; general economic conditions, including the general economic environment and real estate market in California; the adequacy of the bank’s allowance for loan losses; and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management’s view only as of the date of this press release. The bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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