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The Bank also announced that it has, thus far, raised $13.6 million through a private placement of common equity at a price of $6.00 per share In addition, the holders of 10% preferred stock have agreed to convert $980,000 into common equity at the same price. New Century Bank now has tangible common equity that is over 10% of its assets, making the Bank one of the strongest in this region.
Sidhu, who retired as the Chairman and CEO of Sovereign Bancorp at the end of 2006, grew Sovereign from about a $500 million asset-troubled thrift in 1986 to about a $90 billion asset bank. Under Sidhu's watch, Sovereign Bancorp also delivered an average annual return of more than 24% per year for its shareholders between 1990 and the end of 2006. Over the past two years, Sidhu has been involved in consulting services for the financial industry as well as setting up Sidhu Capital Partners, a private equity firm.
Commenting on Sidhu's appointment and the successful stock offering Kenneth (Ken) B. Mumma, New Century Bank Founder said, "We are thrilled that Jay has agreed to take the helm of New Century. In this weak economy, we have had our share of challenges, however, with the addition of Jay and the successful capital raise, we believe we have achieved our goal of positioning New Century Bank to successfully move to the next level of growth while creating long-term shareholder value."
"Jay has been invaluable in helping us to complete our recent stock offering during the short period that he has been on our board," added Mumma, the Bank's former Chairman and CEO.
Mumma, who has been named Chair of New Century Bank's Executive Committee, went on to say, "The additional $13.6 million of equity places the Bank in a strong competitive position with tremendous potential in our market. We believe Jay, with his demonstrated history of achieving success, is the right person to maximize this potential to the benefit of our customers and shareholders."
Sidhu commented, "I believe that there is a tremendous need for a strong, well-capitalized, community-oriented bank today. New Century Bank has a very good base, excellent capital, and serves a terrific geographic market and we are now well poised to achieve significant growth in customers, revenues and shareholder value. We look forward to continuing to serve our community in a way that makes a substantial impact on the region."
"I look forward to working with Ken and the New Century Bank board," Sidhu continued. "With an extremely strong balance sheet, the Bank has substantial opportunities for organic growth as well as for mergers and acquisitions."
Stradley Ronon Stevens & Young, LLP has acted as the Bank's legal advisor and Sandler O'Neill & Partners, L.P. served as financial advisor to the Bank in connection with the capital raise.
Pennsylvania's New Century Bank, with branches in Phoenixville, Kimberton, Malvern, Newtown Square and Wayne, has been a full-service, community bank since opening in 1997. Actively supporting community events and causes, New Century Bank is locally owned and administered. For more information visit New Century Bank online at www.newcenturybank.com or call 610-933-8883.
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Read the full story at http://www.prweb.com/releases/2009/06/prweb2551934.htm.
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