Panamerican Bancorp (AMEX:PNB)
Historical Stock Chart
From May 2019 to May 2024
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.