Delafield State Bank raises $4.7 million in private offering

Delafield State Bank raises $4.7 million in private offering
Name change to Town Bank also on order
Town Bankshares Ltd., which operates Delafield State Bank, announced that its late 2002 private stock offering exceeded its original goal by more than 50% and raised more than $4.7 million in gross investment funds to finance future growth for the bank.
The offering was initiated in September and expired in December. The company’s original goal was to raise $3 million.
“We are pleasantly surprised by the strong demand for our stock,” said Jay Mack, president of Town Bankshares and Delafield State Bank. “We are very pleased that we exceeded our goal and can now focus our efforts on how to best use this capital for the bank’s continued growth.”
The private stock offering was open to current Town Bankshares stockholders and new investors qualified to participate. Each share was sold for $60, and more than 79,000 shares were sold to approximately 80 investors.
“Our stockholders, many of whom are local entrepreneurs, have demonstrated a strong vote of confidence in the management of the bank,” Mack said.
The bank, which is locally owned and managed, is not publicly traded.
“We have a diverse group of clients and investors, and we are looking to grow that base. These investment funds will allow us to increase our legal lending limit and look at other areas of expansion,” Mack said, adding that the bank has not finalized any of its expansion plans.