Empire Bancorp raises $15.2M in private placement of notes

Empire Bancorp, parent of the four-branch Empire National Bank, said it completed a $15.2 million private sale of notes to institutional investors to support continued growth.

The notes, unless they are redeemed earlier, mature on Dec. 17, 2025.

“This offering further diversifies our capital mix and provides us with a source of low-cost capital that is non-dilutive to our common shareholders,” chairman and chief executive Douglas Manditch said in a statement. “The proceeds of the offering will enable us to continue to implement our growth strategy and better serve the diverse financial services needs of our growing customer base on Long Island and in New York City.”

Empire is based in Islandia and has branches there as well as in Shirley, Port Jefferson Station and Mineola plus a loan and deposit production office in Manhattan. Its shares, which are traded over the counter, closed at $9.57 Monday afternoon, up 2 cents from their prior close.

The parent company announced a $20 million private placement in December of last year through the sale of 1.3 million shares of common stock and 1.2 million shares of preferred stock to institutional and individual investors.