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Previous News Releases
The following press releases will give you a
sense of the chronology of the formation and organization of our new bank as well as some
of the excellent personnel that we have hired.
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Frederick County Bank Announces Senior
Management Promotion
March 26, 2003 --- Martin S. Lapera, President and Chief
Executive Officer of Frederick County Bank, announced that William R. Talley, Jr. has been
promoted to Executive Vice President and Chief Financial Officer for the Bank. Mr. Talley,
as one of the first employees hired by the Bank, was instrumental in its launch and
subsequent operations, and previously served as Senior Vice President and Chief Financial
Officer.
Mr.
Talley has 26 years of progressive financial management experience in both public and
private accounting, including 14 years of banking experience with FCNB Bank, where he was
Senior Vice President and Comptroller. He holds a B.S. degree in Accounting from Mount
Saint Mary's College, as well as being a Certified Public Accountant. Mr. Talley is very
involved in the local community; he is an active member of the Rotary Club of Carroll
Creek and is a member of the Board of Trustees of the Record Street Home for the Aged. He
is also a member of the American Institute of Certified Public Accountants and the
Maryland Association of Certified Public Accountants. He and his wife, Lydia, together
with their sons, Jason and Jordan, reside in Frederick, Maryland.
Frederick County Bank has branch and ATM locations at 30 West Patrick Street (Patrick
Financial Center) and 1595 Opossumtown Pike (at Thomas Johnson Drive). For further
information about either this announcement or Frederick County Bank, please call
301-620-1400.
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Emil Bennett named as a Director of
Frederick County Bank
November 26, 2002 --- John N. Burdette, Chairman of the Board for Frederick County Bank,
announced today that Emil Bennett has been appointed to the Board of Directors for the
Bank.
"We are very pleased and honored to have this talented business professional join us
on the Bank's Board of Directors. Mr. Bennett has demonstrated extraordinary skills in the
business world as well as the Frederick community and will bring a unique blend of
experience to the leadership of Frederick County Bank," said Mr. Burdette.
Mr. Bennett is currently President and owner of Rock Creek Realty, a full-service real
estate firm headquartered in Thurmont, MD. He is also the President of Bennett Land
Company, a builder/developer with 40 years experience in the industry. Mr. Bennett is
currently on the Board of Directors of Mt. Olivet Cemetery and Vice President of Excalibor
Condo Association in Ocean City, Maryland.
Mr. Bennett is very involved in the local community, and is currently a member of the
National Association of Home Builders and of the National Association of Realtors. He and
his wife, Sharon, reside in Thurmont, Maryland.
Frederick County Bank has branch offices at 30 West Patrick Street (Patrick Financial
Center) and 1595 Opossumtown Pike. For further information about either this announcement
or Frederick County Bank, please call 301-620-1400, or visit the website, www.frederickcountybank.com.
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Frederick County Bank Announces First Anniversary
October 7, 2002 --- John N. Burdette, Chairman of the Board for Frederick County Bank, and
Martin S. Lapera, President and Chief Executive Officer, announced today that Frederick
County Bank will celebrate its first anniversary in operation on October 18. Customer
appreciation events, including daily drawings, are planned for the week of October 15, and
refreshments will be available on Friday, October 18. The Bank will be closed on Columbus
Day.
"This has really been a fantastic first year for the Bank and we extend our sincere
thanks and appreciation to our customers, shareholders, employees and vendors as well as
to the Frederick community as a whole," said Mr. Lapera. "To get to this point
as quickly as we have is truly a testament to our customers' demand for true community
banking, the capital funding provided by our shareholders, the skill and teamwork of our
employees, the systems and procedures that run behind the scenes and a business
environment that made it all work. However, we are mindful that this is a process, not an
event, and so we remain firmly focused on customer service, quality growth, cost control
and efficiency. And we are planning to introduce several significant new services in the
near future which will effectively incorporate all of these elements."
Since quietly opening its doors on October 18, 2001, Frederick County Bank has grown at a
rate that has exceeded original projections, which management believes is a direct
reflection of the Bank's extremely favorable reception by the Frederick community. As of
October 4, 2002, after almost 12 months in operation, assets stood at $84.6 million, with
deposits of $70.9 million and loans of $48.7 million. This achievement puts the Bank well
beyond its original year-end projections for 2002.
For further information about either this announcement or Frederick County Bank, please
call 301-620-1400 or visit the Bank's website: www.frederickcountybank.com.
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Frederick County Bank Closes Secondary
Stock Offering
September 3, 2002 --- John N. Burdette, Chairman of the Board for Frederick County Bank,
announced
today that Frederick County Bank successfully closed its secondary stock offering, having
raised $5.19 million in additional capital through the sale of all 250,000 offered shares.
The stock offering was
initiated in May 2002. The Bank's ability to continue to grow at its current pace required
raising
additional capital due to the capital reserve requirement imposed by bank regulations on
new financial
institutions.
"We are very pleased to have sold, thanks to the subscriptions of existing and new
investors, all shares that were being offered, and warmly welcome the 170 new investors
who now bring our total number of shareholders to more than 850," said Mr. Burdette.
"We had been aware of a growing demand for additional stock after the Bank opened as
well as a solidifying of customer and investor confidence in the Bank itself. These
results confirm that Frederick County Bank is meeting a real need for true local community
banking and we will continue to live up to that service standard as our primary
mission."
Frederick County Bank has grown at a rate that has exceeded original projections, which
management
believes is a direct reflection of the Bank's extremely favorable reception by the
Frederick community.
As of August 31, 2002, after slightly more than ten months in operation, assets stood at
$84.6 million,
with deposits of $71.2 million and loans of $42.2 million. This achievement puts the Bank
well beyond
its original year-end projections for 2002.
For further information about either this announcement or Frederick County Bank,
please call 301-620-1400 or visit the Bank's Web site: www.frederickcountybank.com.
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CONTACT:
William R. Talley, Jr., SVP & CFO
TELEPHONE: (240) 529-1507
RELEASE DATE: May 2, 2002
FREDERICK COUNTY BANK
ANNOUNCES PLANNED PUBLIC OFFERING OF COMMON STOCK
TO SHAREHOLDERS AND GENERAL PUBLIC
May 2, 2002, Frederick, Maryland. Frederick County Bank (the
"Bank") announced today that it intends to conduct an offering of up to 250,000
newly issued shares of its common stock, $10.00 par value, to existing shareholders and to
members of the general public, for a total offering price of up to approximately $5
million. The offering will be effected by the Bank primarily through its directors and
officers, and will not be underwritten.
The offering will be in two parts, with 238,413 shares being offered to shareholders of
record of the Bank as of May 10, 2002, on a preemptive rights basis, at a price of $20 per
share, who will be entitled to purchase one half of one share for every share owned on the
record date, and any shares not subscribed for by existing shareholders plus an additional
11,587 shares being offered to members of the general public at a price of $22 per share.
The proceeds of the offering would be used to support growth, to
increase the capital position of the Bank and for other corporate purposes.
The offering is expected to commence in late May 2002 and to be
completed in the third quarter of 2002. The Board of Directors reserves the right to
change the terms of the proposed offering or to cancel the offering at any time.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, which may be offered only
by means of an offering circular.
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Frederick County Bank
Holds First Annual Shareholder Meeting
April 10, 2002 --- Jack Burdette (left), Chairman of the Board, and Martin S. Lapera
(right), President and Chief Executive Officer of Frederick County Bank officiated over
the Bank's first annual shareholder meeting, held today. Invitations were extended to the
Bank's numerous shareholders and to all Bank employees, and over 220 attended. The
meeting, which covered shareholder business and also provided presentations by Bank
employees, commenced at 7 p.m. and was held in Frederick.
As of March 31, 2002, after slightly more than five months in operation, Frederick County
Bank is well on its way to creating a community bank with a commitment to superior
customer service. Assets stood at almost $47 million, with deposits of $38.8 million and
loans of $24.4 million. Frederick County Bank is focused on actively growing its loan
portfolio and, thanks to a team of highly experienced community bankers, is achieving
levels of efficiency and productivity that have enabled it to price its other services
very competitively. The Bank is also continually adding to its product set and recently
introduced two new commercial services: the FCB Sweep Investment Account and merchant
credit card processing services. It was announced that the Bank plans to introduce
internet-based cash management services later in the year.
Frederick County Bank is now open with branches at 30 West Patrick Street (Patrick
Financial Center) and 1595 Opossumtown Pike. For further information about either this
announcement or Frederick County Bank, please call 301-620-1400. The Bank also has a Web
site, www.frederickcountybank.com.
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Frederick County Bank Holds Ribbon
Cutting Ceremony
February 11, 2002 --- Jack Burdette, Chairman of the Board, and Martin S. Lapera,
President and Chief Executive Officer, of Frederick County Bank, presided today, along
with Frederick's Mayor and other local dignitaries, in a ribbon-cutting ceremony to
recognize the opening, and subsequent success to date, of Frederick County Bank. The
ceremony was conducted at the headquarters office at 30 West Patrick Street.
Invitations were extended to the Mayor and Aldermen of Frederick, the Frederick County
Commissioners and Delegates, the Chamber of Commerce, the Bank's Board of Directors and to
all Bank employees. The Mayor presented a Frederick First certificate to the Bank and the
County Commissioners presented a certificate from Frederick County, both to recognize the
opening of a new business.
With over $9.5 million in capital raised, Frederick County Bank opened quietly in October,
2001 and the ribbon cutting formally recognized the Bank's opening, its place in the
Frederick business community and its commitment to the Frederick community as a whole. As
of December 31, 2001, after less than three months of operations, assets stood at almost
$29 million, with deposits of $20.2 million and loans of $10.5 million.
Frederick County Bank is focused on actively growing its loan portfolio and, thanks to a
team of highly experienced community bankers, is achieving levels of efficiency and
productivity that have enabled it to price its other services very competitively. The Bank
is continually adding to its product set and recently introduced two new commercial
services: the FCB Sweep Investment Account and merchant credit card processing services.
Frederick County Bank is now open with branches at 30 West Patrick Street (Patrick
Financial Center) and 1595 Opossumtown Pike. For further information about either this
announcement or Frederick County Bank, please call 301-620-1400. The Bank also has a Web
site, www.frederickcountybank.com.
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New Frederick Bank Announced
FREDERICK, MD, MAY 22, 2001 - A locally
owned bank, currently in organization, plans to open in Frederick later this year.
A group of Frederick County business leaders
have announced they are forming a new bank to be called Frederick County Bank. Leading the
effort is John N. Burdette, who will be Chairman of the Board, and Raymond Raedy, the
principal organizer.
"Frederick County Bank has been formed for the purpose of serving the County's
business and professional community" said Burdette, who also noted that the County
has lost two banks in the past two years thereby limiting the options for those who want
to bank where decisions are made locally. "We will offer another option" said
Burdette.
"Frederick County Bank will be a full service commercial bank with particular
emphasis on business loans and financial services for professionals and small to medium
sized businesses. This is a segment of the banking business which has been under served by
the out?of?area banks which are coming into the Frederick County market," said
Burdette.
"Frederick County Bank will provide the personalized banking services which many
local customers need and demand." Mr. Burdette continued, "With strong capital,
the expectation of attracting experienced management, convenient locations and
responsiveness to the demand for personal attention, Frederick County Bank as a locally
owned and managed bank will play a meaningful role in helping serve the banking needs of
the community."
Frederick County Bank has begun hiring staff and has signed a lease for a banking office
in the city.
The bank, a Maryland corporation, is in the process of filing applications with the
Federal Deposit Insurance Corporation and for membership in the Federal Reserve. Assuming
various approvals, the bank plans to start business later this year.
Frederick County Bank Headquarters
Location Announced
John N. Burdette, Chairman of the Board for
Frederick County Bank, announced today that a lease has been signed for the future
headquarters and primary banking office of Frederick County Bank. The space is on
the lobby level of the former FCNB Financial Center at 30 West Patrick Street in downtown
Frederick.
"I am very happy to make this
announcement," said Mr. Burdette. "When we heard that this space would
become available, we immediately went into negotiations to secure it. After two
months of discussion, the lease has been signed. We are very enthusiastic about the
location and the facilities, which will provide convenient access to our customers."
Mr. Burdette also noted that the existing
space is to be renovated to accommodate a banking lobby and executive offices for
Frederick County Bank. It is planned that the new office space will be occupied in
late Summer 2001.
For more information, please contact Raymond
Raedy, a director of Frederick County Bank, at 301-620-1400
Martin S. Lapera and William R. Talley,
Jr. to join Frederick County Bank
John N. Burdette, Chairman of the Board for
Frederick County Bank, announced today that Martin S. Lapera and William R. Talley, Jr.
have been appointed to senior management positions with the new bank.
Mr. Lapera has been named President and Chief Executive Officer, as well as a Director, of
Frederick County Bank. Mr. Talley will be the Senior Vice President and Chief Financial
Officer. "We are very pleased to have been able to secure the talents of these
seasoned banking professionals. Both are focused on the local customer and are committed
to providing exemplary customer service to our target market," said Mr. Burdette.
Mr. Lapera has 24 years of banking experience, including 16 years with FCNB Bank, where he
was Executive Vice President, Chief Operating Officer and Chief Lending Officer. Prior to
that he had been with First National Bank of Maryland for eight years, where he served as
Vice President of Commercial Lending in Frederick County. He holds an MBA from the
University of Baltimore and a B.S. degree from Towson State University. He also is a
graduate of Walkersville High School and attended Frederick Community College. Mr. Lapera
is very active in the Frederick community and is currently a member of the Rotary Club of
Frederick, Advocates for Homeless Families, the Board of Associates of Hood College, and
the Frederick Community College Fund. He and his wife, Joan, together with their daughter,
Nicole, reside in Walkersville, Maryland.
Mr. Talley has 24 years of progressive financial management experience in both public and
private accounting, including 14 years of banking experience with FCNB Bank, where he was
most recently Senior Vice President and Comptroller. He holds a B.S. degree in Accounting
from Mount Saint Mary's College, as well as being a Certified Public Accountant. He also
is a graduate of Walkersville High School and attended Frederick Community College. Mr.
Talley is very involved in the local community and is an active Member of the Board of
Trustees of the Record Street Home for the Aged. He is also a member of the American
Institute of Certified Public Accountants and the Maryland Association of Certified Public
Accountants. He and his wife, Lydia, together with their sons, Jason and Jordan, reside in
Frederick, Maryland.
It has already been announced that Frederick
County Bank is expected to open in the Fall of 2001. For further information about either
this announcement or Frederick County Bank, please contact Raymond Raedy, a director of
Frederick County Bank, at 301-620-1400
Wanda S. Shade and Lee Anne Little to
Join Frederick County Bank
Martin S. Lapera, President of Frederick
County Bank, announced today that Wanda S. Shade and Lee Anne Little have been appointed
to management positions with the new bank.
Ms. Shade has been named Sr. Vice President, Commercial Services and Retail Banking and
Ms. Little has been appointed Vice President, Commercial Lending. "We are very
pleased to have been able to secure the talents of these banking professionals. They both
have a solid understanding of the needs of the local customer and are committed to
providing excellent customer service to our target markets," said Mr. Lapera.
Ms. Shade has 24 years of banking experience, including seven years with FCNB Bank, where
she was Vice President Commercial Services, specializing in Cash Management. Prior to
that, she had been with The First National Bank of Maryland for 17 years, where she served
in numerous capacities including Vice President Commercial Business Development and
regional branch operations. She holds a BS degree from The University of Baltimore and an
AA degree from Catonsville Community College where she graduated with honors. Ms. Shade is
a Certified Cash Manager (CCM), a member of both the Association of Financial
Professionals (AFP) and the Mid-Atlantic Treasury Management Association (MATMA). During
her banking career, Ms. Shade has served in numerous professional affiliations including
officer, board and instructor roles with The American Institute of Banking. Ms. Shade is a
graduate of the Frederick County Chamber of Commerce Leadership Program and has been
involved in the Frederick and Carroll County communities. She and her husband, Dave,
together with their daughter, Stephanie, reside near Frederick in Woodbine.
Ms. Little also has 11 years of banking experience, including eight years with FCNB Bank,
where she was Vice President, Commercial Lending. Prior to that, she had been with Chessie
Federal Credit Union for two years, where she served as Assistant Branch Manager in
Frederick. She holds a BS degree in Business and Finance from Mount Saint Mary's College.
She also attended Frederick Community College, graduating with an AA degree in business
administration. Ms Little is very involved in the Frederick community, and has been a
Chairperson of the American Heart Association Heart Walk. She and her husband, Rick,
together with their daughters, Julie and Taylor, reside in Woodsboro. Ms. Little is a
native of Frederick County and is a member of St. Peter's Catholic Church in Libertytown.
It has already been announced that Frederick County bank is expected to open in the Fall
of 2001 at 30 West Patrick Street and 1595 Opossumtown Pike. For further information about
either this announcement or Frederick County Bank, please contact Raymond Raedy, a
director of Frederick County Bank, at 301-620-1400.
Ramona C. Remsberg and George E. Dredden,
Jr. named as Directors of
Frederick County Bank
John N. Burdette, Chairman of the Board for
Frederick County Bank, announced today that Ramona C. Remsberg and George E. Dredden, Jr.
have been appointed to the Board of Directors for the new bank.
"We are very pleased and honored to have these two talented business professionals
join us on the Board of Directors. Both continue to demonstrate extraordinary skills in
the business world as well as the local community and will bring a unique blend of
experience to the leadership of Frederick County Bank," said Mr. Burdette.
Ms. Remsberg is currently in active retirement, and was most recently a member of the
Board of Directors of FCNB Bank. Prior to that she served as Vice-Chairman of the Board of
Directors of FCNB Bank for three years. During her 46 years of employment at FCNB Bank,
she successfully rose to the position of President in January of 1989, and served three
years in that position. Ms. Remsberg joined FCNB Bank as a clerk in 1945.
Ms. Remsberg has served the Frederick community in a number of capacities. She is
currently a member of the Board of the United Way of Frederick, and prior to that served
two years as Campaign Chairman of the United Way of Frederick and another two years as
President. She is a member of the Hood College Board of Associates and Chairman of the
Presidential Leadership Scholarship Committee. She is also a member of the Special Gifts
Committee of FMH Development Council, and a Director of Homewood of Frederick, Maryland
Inc. She previously served seven years on the Board for the Community Foundation of
Frederick County and one year as Chairman of the Board. She is an active member of the
United Church of Christ located in Jefferson, Maryland where she has been the organist and
choir director for 35 years. Ms. Remsberg resides in Frederick, Maryland.
Mr. Dredden is currently President and Publisher of the County Globe Newspaper and was a
founding director of First Bank of Frederick. He is also the founder and President of
Sussex Group Management Consultants, LLC, which he started after 35 years of service with
the Federal Government, and of Kent Group Investors, LLC, where he also serves as Resident
Agent. Mr. Dredden graduated from Morgan State University with a degree in Biology.
Mr. Dredden is very involved in the local community, and is currently Secretary of
Frederick Memorial Health Care System Board of Directors and is also Vice Chair of
Buckingham’s Choice Board of Directors. He is currently a member of the Rotary Club
of Frederick and has been a past President of the Chamber of Commerce of Frederick County,
as well as a past Vice Chair of the Frederick County Planning Commission. He and his wife,
Ruth, reside in Frederick County, and they are members of St. Johns the Evangelist
Catholic Church in Frederick.
Frederick County Bank is anticipated to open in the Fall of 2001, with headquarters at 30
West Patrick Street and a branch office located at 1595 Opossumtown Pike. For further
information, please contact Raymond Raedy, a director of Frederick County Bank, at
301-620-1400.
Jay House, Denise Guyton-Gaither, and
Richard Davies to Join
Frederick County Bank and
Terry Lee
and Lori Cromwell to Join Frederick County Bank
Martin S. Lapera, President and Chief
Executive Officer of Frederick County Bank, announced today that Jay M. House, Denise
Guyton-Gaither, and Richard Davies have been appointed to management positions with the
new bank.
Mr. House has been named Sr. Vice President of
Operations, Ms. Guyton-Gaither has been appointed Vice President, Commercial Loans, and
Mr. Davies has been appointed Vice President, Marketing. "We are very pleased to have
been able to secure the talents of these banking professionals. They have solid experience
meeting the needs of the local customer and are committed to providing excellent customer
service to our target markets," said Mr. Lapera.
Mr. House has 19 years of banking experience,
including over 16 years with FCNB Bank, where he was Vice President and Chief Auditor.
Prior to that, he had been with the Bank of Brunswick, where he served in numerous
capacities including accounts payable and regulatory and financial reporting. He holds a
Bachelor of Arts in Economics from the University of Maryland. Mr. House is a Certified
Bank Auditor, a Certified Financial Services Auditor, a Certified Regulatory Compliance
Manager, and holds a certificate in Information Technology Auditing. Mr. House is very
involved in the Frederick community, and is a member and past president of the Jefferson
Ruritan Club, a member of the Sons of Amvets Post #9 in Middletown, a member of the
Middletown Valley Athletic Association, where he has coached youth softball, basketball
and soccer for the past six years, and a member and current Chairperson of the
Congregation of the United Church of Christ in Middletown. He is a native of Frederick
County and resides in Jefferson with his wife Roxanne and two daughters, Kelsey and
Kallie.
Ms. Guyton-Gaither has over 15 years of
banking experience, including nine years with FCNB Bank, where she was most recently Vice
President, Commercial Loans, working with branch offices, as well as commercial loan
staff, to increase commercial accounts and customer service. In her new position she will
be responsible for small business lending. Ms. Guyton-Gaither’s banking experience
includes residential mortgage lending, consumer lending and branch management; her focus
has been on enhancing customer relations, marketing and sales in her region and she is
well-versed in both personal and business financial products and services. She is a
graduate of the Maryland Banking School (Maryland Bankers Association), the College of
Business and Management at the University of Maryland, the American Institute of
Banking’s Commercial Lending School, and Xerox University’s Commercial Lending
School. Ms. Guyton-Gaither is active in the Frederick community, and is an affiliate
member of the Frederick County Builders Association and Frederick County Association of
Realtors, and is an active member of the Pleasant View Church of the Brethren. She and her
two sons reside near Jefferson.
Mr. Davies has 11 years of banking experience,
including four years with FCNB Bank, where he was Assistant Vice President, Product
Development. Prior to that he had been with Farmers and Mechanics National Bank in
Frederick for four years, where he served as Segment Manager, Marketing. He holds an MBA
from Vanderbilt University and a B.S. degree from George Mason University. Mr.
Davies has been involved in the Frederick community, participating in Christmas in April,
Bowl for Kids’ Sake, and Junior Achievement at Hillcrest Elementary School. He
and his wife, Lori, together with their daughter, Elizabeth, reside in Frederick,
Maryland.
Frederick County Bank is expected to open in
October with branches at 30 West Patrick Street and 1595 Opossumtown Pike. For further
information about either this announcement or Frederick County Bank, please contact
Raymond Raedy, a director of Frederick County Bank, at 301-620-1400.
PRESS RELEASE
Terry Lee and Lori
Cromwell to Join Frederick County Bank
Martin S. Lapera, President and Chief Executive Officer of
Frederick County Bank, announced today that Terrence P. Lee and Lori C. Cromwell have been
appointed to management positions with the new bank.
Mr. Lee has been named Sr. Vice President, Commercial Lending and Ms. Cromwell has been
appointed Assistant Vice President and Branch Manager. "We are very pleased to have
been able to secure the talents of these banking professionals. They both have a solid
understanding of the needs of the local customer and are committed to providing excellent
customer service to our target markets," said Mr. Lapera.
Mr. Lee has 26 years of banking experience, including over 15 years with FCNB Bank, where
he was Vice President, Commercial Lending, specializing in small business lending. Prior
to that, he had been with The First National Bank of Maryland for over 10 years, where he
served in numerous capacities including commercial lending, branch banking, consumer
lending, branch operations and collections. He attended both Montgomery College and
Frederick Community College. Mr. Lee is active in the Frederick community, and was
previously on the board of Community Living for six years, where he held the position of
treasurer. He has been a resident of Frederick since 1983.
Ms. Cromwell has 23 years of banking experience, during which time she served at FCNB
Bank, where she was most recently Assistant Vice President and Branch Manager of the
downtown Square Corner office. She also has over 10 years of consumer lending experience.
Ms. Cromwell is a 1997 graduate of the Maryland Bankers School, a three-year program. Ms.
Cromwell has been a member of the Tourism Council of Frederick County’s membership
committee, a participant in bank-sponsored community events and has hosted elementary
school field trips, providing presentations and bank tours of the historical downtown
office. She and her husband Steve, together with their two sons, Kurtis and Sean, reside
in Frederick. Ms. Cromwell is a native of Frederick County.
It has already been announced that Frederick County bank is expected to open in the Fall
of 2001 at 30 West Patrick Street and 1595 Opossumtown Pike. For further information about
either this announcement or Frederick County Bank, please contact Raymond Raedy, a
director of Frederick County Bank, at 301-620-1400.
Frederick County Bank Reaches Minimum
Capital Amount
John N. Burdette, Chairman of the Board for Frederick County Bank, announced today that
Frederick County Bank has reached its minimum regulatory capital amount of $7 million.
This figure is the minimum capital amount required by the Bank to enable it to open.
"We are very gratified to have attained, thanks to the subscriptions of approximately
300 investors, our minimum capital investment despite the four day closure of the
financial markets. However, because the markets were closed due to recent tragic events,
the Board has voted to extend the subscription period beyond September 14," said Mr.
Burdette.
“The reason for the extension of the offering period is that there are subscription
monies in transit that most likely would have otherwise been credited to the offering
escrow account in a timely manner. We do not wish to penalize any potential investor for
events out of their control, so the extension period will be in place until it appears
that funds in transit have cleared. After that point is reached we will determine the
ending date of the offering period. However, we will communicate the ending date one week
in advance to potential investors,” Mr. Burdette continued.
Frederick County Bank is expected to open in October, 2001 at 30 West Patrick Street and
1595 Opossumtown Pike. For further information about either this announcement or Frederick
County Bank, please contact Raymond Raedy, a director of Frederick County Bank, at
301-620-1400.
Frederick County Bank Announces End of
Subscription Period
John N. Burdette, Chairman of the Board for Frederick County Bank, announced today that
the subscription period to purchase shares of Frederick County Bank common stock will end
on November 1, 2001.
"We are very pleased that we reached our
minimum capital level of $7 million in just 52 days and now have in excess of $8 million
in capital. We have been granted our regulatory approvals and subsequently received our
certificate to commence business. I wish to sincerely thank the growing group of investors
who have so far demonstrated their confidence in Frederick County Bank," said Mr.
Burdette.
"Having passed these critical milestones,
the bank decided to extend the original subscription period. This was done because the
financial markets were closed due to recent tragic events and there were subscriptions in
transit that would not have been received by the original closing date. Secondly, we
continued to receive numerous inquiries from potential investors. The extension period
enabled us to accommodate these parties. We have now established a final closing date for
the subscription period: November 1, 2001," Mr. Burdette continued.
"Many investors have already taken action
to become founding shareholders of Frederick County Bank, but there may be others who are
not aware of the extension period. Interested parties can still become founding
shareholders if they act before the extension period ends, and this would also be an
opportunity for existing shareholders to invest additional funds as well. All
subscriptions must be either postmarked by November 1 or delivered to our Administrative
Offices at 405 West Seventh Street by 5:00 p.m. on that date," Mr. Burdette said in
closing.
For further information about either this
announcement of Frederick County Bank, please contact William R. Talley, Jr., Senior Vice
President and Chief Financial Officer, 301-620-1400. |
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