MOUNT LAUREL, NJ, August 03, 2021– (COMMERCIAL THREAD) – Cornerstone Financial Corporation (OTCPK: CFIC), the parent company of Cornerstone Bank, announced the successful completion of a $ 13.7 million private placement of common shares. The Company issued 1,374,000 common shares at a price of $ 10.00 per share to most institutional investors. The Company plans to use the additional capital for general corporate purposes, including organic growth initiatives and outstanding debt repayment.
President and CEO Eugene D’Orazio discussed the offer: “We are very pleased to announce the success of our common share offering. This new capital will be used to support organic growth opportunities in the markets we serve and further enhance value In addition, the addition of leading institutional banking investors to our shareholder base will help promote increased liquidity and financial sponsorship. “
Janney Montgomery Scott, LLC acted as sole placement agent in the transaction. The Company received legal advice from Windels Marx Lane & Mittendorf, LLP and Stevens & Lee provided legal advice to the placement agent.
About Cornerstone Financial Corporation:
Cornerstone Financial Corporation, based in Mount Laurel, NJ, operates as a banking holding company for Cornerstone Bank, founded in 1999, which provides various banking products and services to individuals and businesses. The company accepts checking and monetary accounts, savings, certificates of deposit and individual retirement accounts. Its loan products include a home equity line of credit; Term and Small Business Loans / Government Guaranteed Loans; commercial line of credit and letters of credit; and commercial mortgages. The company also offers remote deposit collection, check reordering and online banking services.
This press release contains certain forward-looking statements, express or implied, which are provided to help the reader understand anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the control of the company and could impede its ability to achieve these objectives. These factors include general economic conditions, interest rate trends, the ability of our borrowers to repay their loans and the results of regulatory reviews, among other factors.
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Cornerstone Financial Corporation
Eugène D’Orazio, 856-439-0300