OSB Community Bank has Completed a $3.0 Million Offering of Common Stock Through a Private Placement
THE TRANSACTION
On January 17, 2018 OSB Community Bank (“OSB”) completed the sale of $3.0 million of its common stock. The offering was upsized from $2.0 million and was oversubscribed. Current shareholders, select high net worth individuals and a nationally recognized institutional investor acquired the shares in the offering. The completion of this offering, when combined with the 2016 capital offering, represents $8.5 million of new capital injected into OSB since December 2016. The proceeds of the offering will be used to support OSB’s capital position, growth into Ann Arbor, MI and Washtenaw County, and for other corporate purposes.
Our Client
OSB COMMUNITY BANK
OSB Community Bank originated in 1907 in Onsted, MI and has since evolved into a full-service community bank headquartered in Brooklyn, Michigan, with its original branch in Onsted, MI, and a loan production office in Ann Arbor, MI, servicing customers primarily in these three market areas. The Bank offers a wide range of banking services to individuals, small business and government entities. As of September 30, 2017, OSB had total assets of $86.0 million, gross loans of $55.5 million, total deposits of $69.9 million, and total equity of $7.0 million, prior to completion of this capital offering.
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