NEW YORK--(BUSINESS WIRE)--July 19, 2006--De Novo clients of Bankmark, a subsidiary of The Nubank Group, raised a combined $83 million in capital for the first six months of the year, with two client groups surpassing state records for the amount of capital raised. These clients include The Bank of Napa in Napa, CA; Choice Bank in Oshkosh, WI; Town Center Bank in Frankfort, IL and Bank of Birmingham in Birmingham, MI.
Choice Bank and Town Center Bank took their respective state records for total capital raised by a de novo bank, raising $21.6 MM and $23.2 MM respectively. Both banks followed the Bankmark program of opening with two locations and several hundred shareholders, thereby increasing exposure and reach out of the gate and decreasing the amount of time it takes to become profitable.
Keith Pollnow, President & CEO of Choice Bank (IO) said: "We were overwhelmed with the positive response from the Oshkosh investment community. We had anticipated a minimum of 90 days would be required to reach our minimum capitalization level and we were truly amazed that we achieved a 20% oversubscription in just nine weeks." Adds Andy Bernhardt, President and CEO of Town Center Bank, "Bankmark told us exactly how to execute our capital campaign, and helped us push forward to raise the maximum amount as prescribed by the offering circular rather than stopping right when we reached the minimum."
John Byrne, Organizer with Bank of Birmingham, also supports the Bankmark capital acquisition model, saying: "The template Bankmark provides to your de novo project works...it has been proven successful time and again...there is no re-invention or experimentation necessary! No matter how unique your project may happen to be, the Bankmark system of capital acquisition will allow your de novo project to capitalize in the shortest period of time possible, while minimizing pre-organizational expenses and maximizing both the number of investors and the amounts of their investments."
Though offerings for the aforementioned banks have already closed, Bankmark is working with several client groups that are preparing to launch their offerings. For information on these banks, or to learn about what it takes to start your own bank, please visit www.bankipo.com and www.startabank.com respectively.