Allegiance Bank of North America Announces the
Extension of its Private Placement Offering to
September 30, 2010 and Reports Operating Results
for the Quarter Ended,June 30, 2010
September 03, 2010 10:05 AM Eastern Daylight Time
BALA CYNWYD, Pa.--(EON: Enhanced Online News)--Allegiance Bank of North America (the “Bank”) today
announced it has agreed to extend the Private Placement Offering engagement of Cohen & Company Securities,
LLC (“Cohen”) (“COHN” – AMEX) from August 30, 2010 to September 30, 2010. On May 14, 2010 the Bank
announced the engagement of Cohen to sell a minimum of 2,000,000 shares and up to 5,000,000 shares (the
“Shares”) of the Bank’s common stock, par value $1.00 per share (the “Common Stock”), on a best efforts basis to
accredited investors at a price of $10.00 per share, resulting in gross proceeds of up to $50,000,000 (the
“Offering”). Under the terms of the engagement, the Bank will effect a reverse stock split so that there will be no
more than 125,000 common shares outstanding immediately prior to closing the Offering.
Gregg J. Wagner, President and CEO of the Bank, stated, “The market for capital continues to be very competitive.
The Bank and Cohen will continue to meet with prospective investors during September with a goal of adding capital
to comply with regulatory capital directives and provide us with resources to establish new relationships and expand
our offerings within the communities we serve.”
As previously reported, on November 3, 2009, the Federal Deposit Insurance Corporation (“FDIC”) and the
Commonwealth of Pennsylvania Department of Banking and Insurance (“Department”) each issued a Consent Order
(“Order”) designed to improve the Bank’s overall performance. The Bank has implemented actions to achieve the
objectives in the Orders and has been successful in the resolution of certain of these objectives. One of the specific
directives within the Order is to achieve an 8% tier 1 leverage capital ratio and a 12% total risk-based capital ratio.