From Jeff Lewis, President and CEO, Shoreline Bank
Shoreline Bank has just launched a stock offering of $9-11 million. If successful, we will not only exceed regulatory capital requirements but position the Bank for viability in the future. The stock offering is through a private placement memorandum (PPM). Accredited investors are eligible to participate. The offering expires August 14, 2010 with a provision for a possible extension. We encourage any accredited investor interested in the stock subscription process to contact me for the PPM.
Losses related to borrowers who have defaulted on business and construction loans and the dramatic drop in real estate values has significantly eroded our capital the past two years. We have taken numerous steps to respond to these circumstances. However, we now need a significant boost to capital if we are to remain viable. We are hopeful and cautiously confident that our recapitalization plan will succeed.
We are committed to the Shoreline, Lake Forest Park and nearby communities and would be happy to address any further questions in person at one of our three branches.
Jeffrey P. Lewis| President and CEO
Shoreline Bank I 10 Years of Community Commitment
16001 Aurora Avenue North
Shoreline, WA 98133
Direct: 206-219-0234
Fax: 206-542-3894
Email: jplewis@eshorelinebank.com
It's good to hear that stock offering is through a private placement memorandum. If this is the case then there will be more no. of people who will be moving towards this stock.
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