DUNMORE, Pa.--(BUSINESS WIRE)--
First National Community Bancorp, Inc. (OTC Bulletin Board: FNCB)
reported today it has completed its previously announced sale of $25
million of subordinated notes, which will mature on September 1, 2019.
The offering, made through a Private Placement Memorandum only to
accredited investors, was priced to yield 9.00 percent.
The net proceeds of the completed sale will be used by FNCB to
strengthen the company's capital position, improve liquidity and
increase the lending capacity of First National Community Bank, which
the company owns and operates.
"The Board of Directors believes FNCB's ability to achieve a 100 percent
fulfillment in spite of the nation's protracted economic slump
represents an endorsement of the conservative philosophy and measured
approach that has served this institution well throughout its century of
service to local communities," explains Jerry A. Champi, interim
president and chief executive officer. "The additional capital generated
through this successful sale complements several initiatives being
aggressively employed by our management team to conserve cash reserves,
as well as support FNCB's continuing growth objectives."
Although Pennsylvania experienced a net gain of just 47 bank branches in
2009, by far the lowest increase in over a decade, FNCB opened its
twenty-first office last year on Wheeler Ave. in Dunmore. Many of the
larger banks are cutting their branch networks, Champi points out, while
FNCB continues to expand its marketing territory to more communities
throughout Northeastern Pennsylvania.
First National Community Bancorp, Inc. is the financial holding company
of First National Community Bank, which provides personal, small
business and commercial banking services to individuals and businesses
throughout Lackawanna, Luzerne, Monroe and Wayne Counties in
Northeastern Pennsylvania. The institution was established as a National
Banking Association in 1910 as The First National Bank of Dunmore, and
has been operating under its current name since 1988.
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. Actual results and
trends could differ materially from those set forth in such statements
due to various risks, uncertainties and other factors. Such
risks, uncertainties and other factors that could cause actual results
and experience to differ include, but are not limited to, the following:
the strategic initiatives and business plans may not be satisfactorily
completed or executed, if at all; increased demand or prices for the
Corporation's financial services and products may not occur; changing
economic and competitive conditions; technological developments; the
effectiveness of the Corporation's business strategy due to changes in
current or future market conditions; effects of deterioration of
economic conditions on customers specifically the effect on loan
customers to repay loans; inability of the Corporation to raise or
achieve desired or required levels of capital; the effects of
competition, and of changes in laws and regulations, including industry
consolidation and development of competing financial products and
services; interest rate movements; relationships with customers and
employees; challenges in establishing and maintaining operations;
volatilities in the securities markets; and deteriorating economic
conditions and other risks and uncertainties, including those detailed
in the Corporation's filings with the Securities and Exchange Commission.
Source: First National Community Bancorp, Inc.
Contact: First National Community Bancorp, Inc.
Judith M. LaCouture, 570-340-6144