Empire Bancorp Inc., the holding company of Islandia-based Empire National Bank, has raised $20 million through a private placement of stock as part of a plan to double its assets.
The company sold 1.3 million shares of common stock and nearly 1.2 million shares of its preferred stock to institutional and individual investors at $8 per share. The offering was completed Friday, according to a release by the company.
The bank, with branches in Islandia, Shirley, Port Jefferson Station and Mineola, plans to use the net proceeds from the offering to grow.
"We needed to go out into the capital market to raise an amount that would get us to our next goal," chairman and chief executive Douglas Manditch said. The money will help the commerical bank reach its goal of growing to a billion dollars in assets. The bank is at about $500 million in assets now, he said.
Trading of Empire stock was unchanged on Monday at $8.40 on the OTCQB, a market for small or early-stage companies.