August 18, 2008
Auburn bank wraps stock offering
By The Mainebiz News Staff
Auburn Bancorp Inc., the newly formed holding company for Auburn Savings Bank, sold 45% of its stock in a public offering that ended last Friday.
The sale of more than 226,000 shares raised nearly $2.3 million for the bank, Auburn Bancorp President Allen Sterling told Mainebiz this morning. Auburn Savings in January announced plans to convert from a mutual savings bank, which was owned by depositors, to a holding company that is minority owned by shareholders. The stock offering completes that transition.
Sterling said the proceeds from the stock sale will be used to bolster the bank's loan pools, and will be earmarked specifically for small businesses and homeowners.
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