VERNON, N.J.--(EON: Enhanced Online News)--Highlands Bancorp, Inc. (OTCPink:HSBK), the parent company of Highlands State Bank, announced the successful completion of a private placement of $8.5 million of common stock. The Company issued 913,978 shares of common stock at a price of $9.30 per share to mostly institutional investors. The Company plans to use the additional capital for general corporate purposes including organic growth initiatives.
President and Chief Executive Officer Steven C. Ackmann discussed the offering: "We are very pleased to announce the successful completion of our common stock offering. This new capital will be used to support organic growth opportunities in the markets we serve and further enhance the value of our franchise. Furthermore, the addition of premier institutional bank investors to our shareholder base will help to promote increased liquidity and financial sponsorship."
FIG Partners, LLC acted as the sole placement agent in the transaction. The Company received legal counsel from Windels Marx Lane & Mittendorf, LLP and Cranmore, FitzGerald & Meaney provided legal counsel to the placement agent.
About Highlands Bancorp, Inc.:
The Company serves as the holding company for Highlands State Bank. Highlands State Bank is a full service community bank headquartered in Vernon, New Jersey with branch offices in Sparta, Totowa, and Denville New Jersey. Highlands State Bank provides deposit and loan banking services to consumers and businesses in northern New Jersey. Secure Lending Solutions, Inc., a wholly owned subsidiary of Highlands State Bank, specializes in conventional 1-4 family mortgage loans.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.