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01-05-2011 | Phila Business Journal - Liberty Bell Bank Sells Stock, Eyes Potential Deals


Philadelphia Business Journal - by Jeff Blumenthal , Staff Writer

Date: Tuesday, November 30, 2010, 9:56am EST

Liberty Bell Bank said Tuesday that it was conducting a public stock offering in hopes of raising $4.6 million.

The Marlton, N.J.-based bank is offering up to 1.4 million shares of common stock at $3.30 per share. The bank said it intends to use the net proceeds to support future growth and lending. The bank said it is “well capitalized” by all regulatory capital measures.
Liberty Bell said it may also use a portion of the proceeds to fund all or a portion of the costs involved in the acquisition of another financial institution or a financial services business such as a wealth management firm, an insurance agency, an equipment leasing business or a residential mortgage loan origination business. While the bank stressed it had no agreements in place, it is in discussions with one business and believes it could potentially increase its non-interest income and obtain cross referral opportunities through owning financial services businesses.

Liberty Bell Bank also said it earned $101,348 in the third quarter, a swing from the same quarter last year’s loss of $277,876. Non-accrual loans made up 6.76 percent of the loan portfolio, up from 4.58 percent at Dec. 31, 2009.
Liberty Bell Bank said Tuesday that it was conducting a public stock offering in hopes of raising $4.6 million.

The Marlton, N.J.-based bank is offering up to 1.4 million shares of common stock at $3.30 per share. The bank said it intends to use the net proceeds to support future growth and lending. The bank said it is “well capitalized” by all regulatory capital measures.
Liberty Bell said it may also use a portion of the proceeds to fund all or a portion of the costs involved in the acquisition of another financial institution or a financial services business such as a wealth management firm, an insurance agency, an equipment leasing business or a residential mortgage loan origination business. While the bank stressed it had no agreements in place, it is in discussions with one business and believes it could potentially increase its non-interest income and obtain cross referral opportunities through owning financial services businesses.

Liberty Bell Bank also said it earned $101,348 in the third quarter, a swing from the same quarter last year’s loss of $277,876. Non-accrual loans made up 6.76 percent of the loan portfolio, up from 4.58 percent at Dec. 31, 2009. In addition to Marlton, Liberty Bell (OTCBB:LBBB) also had offices in Cherry Hill, Moorestown and Mount Laurel. It was founded in 2003 and has $179 million in assets.


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