Iselin, NJ-based IA Bancorp, Inc. Announces Private Placement Oversubscribed

ISELIN, N.J.--()--Iselin, New Jersey based IA Bancorp, Inc. the parent company of Indus American Bank, announces private placement oversubscribed. The Company issuing common and preferred shares raised a combined $8.3 million, turning away investors as the offering was concluded and expansion of the bank’s service area with a new branch in Plainsboro, NJ serving the Plainsboro – West Windsor community.

Mr. Anil Bansal, Executive Chairman & CEO of the Company reports the success of the Company’s offering was the result of the strong support of the shareholders and the South Asian community in New Jersey and neighboring areas of New York that the Bank serves. Current shareholders provided more than 72% of the proceeds.

The Company will use the new capital to support the Bank’s growth and, upon receiving all necessary regulatory approvals, redeem all $6.2 million of outstanding preferred shares issued to the US Treasury in 2009 that were auctioned to private investors in March 2014. Going forward, the terms of the newly issued preferred shares will provide a more reasonable cost of capital to the Company and support future strategic initiatives.

About Indus American Bank

Indus American Bank is headquartered in Iselin, New Jersey. It has branches in New Jersey and New York. Indus American Bank offers Personal Banking, Mortgage Lending, Commercial Banking, SBA Loans, Credit and Debit Cards, Merchant Payment Processing and Online Banking Services. Indus American Bank is a member of FDIC and an Equal Housing Lender. For more information, call 732-603-8200 or visit www.indusamericanbank.com or email information@indusamericanbank.com.

Contacts

For IA Bancorp, Inc.
Turchette Agency
Christopher Dale, 973-227-8080, ext. 16
cdale@turchette.com
or
Randhir Kalia, 732-603-8200
rkalia@iabnj.com

Release Summary

Iselin, New Jersey based IA Bancorp, Inc. the parent company of Indus American Bank, announces private placement oversubscribed.

IA Bancorp, Inc.