AMERICAN BANK & TRUST (PROPOSED) RECEIVES SUBSCRIPTIONS FOR 100% OF TOTAL REQUIRED CAPITAL
Monroe, NC — The organizers of American Bank & Trust (proposed) are pleased to announce that the proposed bank has received subscriptions to purchase over 2,000,000 shares of its common stock and will be conducting the first closing of its initial public offering. The net proceeds from the first closing will exceed the minimum capital required by the North Carolina Commissioner of Banks to commence operations as a North Carolina chartered commercial bank. Due to ongoing investor demand, American Bank & Trust (proposed) will continue to offer and sell shares of its common stock following the initial closing of the offering.
The North Carolina Commissioner of Banks and the North Carolina Banking Commission approved a provisional bank charter for American Bank & Trust (proposed) on November 14, 2018 and the FDIC approved the proposed bank’s deposit insurance application on February 6, 2019. American Bank & Trust (proposed) was the first de novo community bank in North Carolina to receive charter approval in over a decade. The proposed bank’s charter approval is subject to customary regulatory conditions, including minimum capital, that must be satisfied before the bank can open for business.
American Bank & Trust (proposed) launched its initial public offering of common stock on August 1, 2018 with the stated goal of raising at least $20 million in net regulatory capital. The stock offering is currently ongoing, and shares are being sold at $11 per share with a 500-share minimum subscription.