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CONTACT: BankBlackwell extends stock offering to raise up to $17.5
million.
Boston, MA (BlackNews.com) - BankBlackwell (in
organization), the first- ever African-American Internet Bank, has extended the
completion date for its public stock offering to February 23, 2006.
BankBlackwell is offering up to 1,664,000 shares of its common stock at a public
offering price of $10.00 per share. The Bank is offering its common shares
directly to individuals and institutional investors.
BankBlackwell is pursuing a national grass-roots capital raising
campaign that seeks to place Bank ownership in the hands of the community it
serves. The campaign began in late August upon approval of the Banks application
for federal deposit insurance from the Federal Deposit Insurance Corporation.
BankBlackwell's strategy, like its mission, differs from traditional capital
raising strategies employed by majority banks. BankBlackwell is dedicated to
creating wealth in the African-American community and is seeking investors who
live in and support our community. This approach may take longer than the
approach of some recently capitalized brick-and-mortar banks, but is designed to
yield a capital structure that is in the long-term best interest of the Bank and
the African- American community.
BankBlackwell's national, grass-roots, capital raising campaign
seeks to reach a much larger and more dispersed investor base (US Census
estimates African-American population to be 37 million). In recent weeks,
BankBlackwell has completed investment seminars in Atlanta, Boston and
Cleveland. Other seminars are scheduled in Augusta, Fort Lauderdale, Los Angeles
and other major metropolitan areas, nationwide. The Bank is also focusing on
community-minded institutional investors. For information on the Banks investor
seminars or to arrange to host an investor seminar, please contact BankBlackwell
at 877-226-5229 or visit www.bankblackwell.com
BankBlackwell intends to operate as a savings bank focused on
offering selected financial services over the Internet to African-American
individuals and churches and to all customers who seek value and convenience.
BankBlackwell has received approval from the Office of Thrift Supervision to
organize a federal savings bank and from the FDIC for federal deposit insurance.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale, of the common stock
in any state or jurisdiction in which such an offer, solicitation, or sale would
be unlawful. The offering of common stock is made only by means of an Offering
Circular.
For copies of the Offering Circular, subscription documents or
other information on the Offering, please contact:
James R. Mundy | |||||
