The Board of Directors of Empire National Bank, Long Island's newest full service commercial bank, today announces that it has completed its initial public offering of common stock and has raised a total of $37 million, making it the largest de novo bank capital raise in Long Island's history. The proceeds of the offering are being used to capitalize the bank, which commenced banking operations today.
"We were very pleased with the overwhelming positive response to our offering from our local community. We set out to raise a minimum of $25 million in capital to organize our new bank," stated Douglas Manditch, Chief Executive Officer of Empire National Bank. "However, we received subscriptions well in excess of our maximum subscription amount and ultimately elected to revise our maximum offering amount up to $37 million. We are beginning our existence with more than 650 shareholders, most of whom are from the local area. Our emphasis on local ownership furthers our business strategy of developing business 'partners' who invest in and bank with us." Shares of Empire National Bank are expected to trade initially on the OTC Bulletin Board. The bank is currently awaiting its trading symbol.
Empire National Bank is operating initially from its main office located at 1707 Veterans Highway in Islandia, New York, and expects to open a branch office at 1044 William Floyd Parkway in Shirley, New York in March 2008. "We are excited about our initial two locations and are confident that our experienced staff will reinforce our 'customer first' attitude here at Empire National," observed President Thomas Buonaiuto. "We plan to make use of technology to support our staff in providing the most efficient and effective banking services to our customers. We invite all area residents who are looking for better service in their banking relationships to visit us and meet our team. The additional capital that we raised will enable us to be a stronger competitor in our market from day one."
Manditch believes that the recent difficulties in the credit and capital markets present a real opportunity for Empire National Bank. "While many banks in our market, large and small, are facing credit quality issues or capital constraints, our balance sheet is clean and our capital position is strong. We believe that we are well positioned to take advantage of opportunities to lend to healthy businesses and professionals in our market and build our market share."
Empire National Bank begins its existence with a very experienced management team. Chief Executive Officer Manditch has been in banking on and around Long Island for 42 years, most recently serving for 18 years as President and Chief Executive Officer of Long Island Commercial Bank. President Buonaiuto has more than 15 years of banking experience, most recently serving as Executive Vice President and Chief Financial Officer of New York-based and publicly-traded Union State Bank. Joining Manditch and Buonaiuto are Chief Credit Officer Chris Hilton and Chief Information Officer John Pinna, each of whom served under Manditch at Long Island Commercial Bank, and Controller Diane Murray. "Everyone on our senior management team has experience in serving the banking needs of our market," remarked Manditch. "We believe their knowledge and focus on personal service will have a positive influence on our entire staff."
The bank will focus initially on loans to small to medium-sized businesses and professionals, as well as loans to the not for profit community, with an emphasis on real estate lending. "We believe that the big banks have neglected many of the small and medium-sized businesses and professionals in our banking market for whom personal service and local decision-making is paramount," noted Chris Hilton, the bank's Chief Credit Officer. "We understand this market and stand ready to meet the needs of Long Island businesses and professionals. We are focused on providing the level of service and support these customers expect from a banking relationship and believe our local ownership and management, as well as our understanding of local concerns, will enable us to be more responsive to our customers."
Before commencing operations, the Bank filed applications with, and received the approvals of, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Hunton & Williams, LLP, with lead attorney Geoffrey Kay, served as legal advisor to the bank. -- Empire National Bank
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