To keep up with our growth at FineMark National Bank & Trust, we’re in the midst of a capital raising campaign. We are currently selling FineMark stock at $13 a share. The offering currently expires November 30th and already we’ve received nearly $6 million in subscriptions.
This summer, FineMark applied for funding through a United States Treasury program called the Small Business Lending Fund. The Treasury approved $5.6 million for FineMark, being made available to stimulate small business lending. The new loans will enable small businesses to grow and create new jobs. The Small Business Jobs Act defines small business loans as loans of up to $10 million to businesses with up to $50 million in annual revenues. Those loans include:
• Commercial and industrial loans
• Owner-occupied commercial real estate
• Loans to finance agriculture production and other loans to farmers
• Loans secured by farmland.
As of September 28th, funding for the program has reached $4 billion and FineMark is among 332 banks nationwide to receive money through the SBLF.
The benefit to the bank is that the funds count towards our regulatory capital. We can increase our capital levels without diluting our shareholders ownership levels. Further, the money will allow FineMark to continue to meet the financial needs of the individuals, businesses and families in the communities we serve. It also gives us the ability to meet your needs through growth and expanded services.