Frontenac Bank Successfully Concludes $3 Million Stock Offering

The following information was provided by Frontenac Bancshares, Inc.

Frontenac Bancshares, Inc., the holding company for Frontenac Bank, announced the successful completion of a $3,000,000 stock offering.  Common stock was offered in multiple stages to existing shareholders, with the offering being oversubscribed. Frontenac Bank has a branch operation nearby in Kirkwood and other St. Louis area locations.
 
As the St. Louis economy continues to improve, so too does the local banking industry.  Led by the housing recovery and by loan growth, community banks have recently outperformed regional and national financial institutions.  Frontenac Bank intends to use the net proceeds from this offering to extend and satisfy debt, and for general corporate purposes.
 
“The reduction of debt and interest expenses will have a positive effect on our balance sheet and operations as we continue to execute our business plan and grow," stated Robert Roberson, President and CEO of Frontenac Bancshares, “we are thrilled that this stock sale was oversubscribed, and we view this as a strong vote of confidence from our shareholders."
 
Frontenac Bank was established as a St. Louis community bank in 1999, and is committed to helping residential customers, commercial customers, and their local communities grow and prosper, through providing customized banking solutions to meet their financial needs.  With deep resources and wealth management knowledge, Frontenac Bank strives to serve all families and businesses in their communities of St. Charles, Earth City, Frontenac, Kirkwood, and beyond.  As of December 31, 2013, the bank had $286M in assets.