Legacy Plans $10M In Capitalization
by January 17, 2005 12:00 am 64 views
Legacy National Bank has an intended capitalization of just over $10 million, according to paperwork investors filed with the Office of the Comptroller of the Currency, said Don Gibson, president of the proposed bank.
Gibson said present or future capital is not an issue for the group, based on the investors who have come together to form the venture. This statement leads us to believe that if more capital is needed for growth, a few phone calls to the short list of investors will do the trick.
LNB is still awaiting conditional approval from the OCC, which will allow the group to actually gather the capital, purchase equipment and prepare for a final exam. Gibson said the group is optimistic about a “late first quarter” opening.
The group has begun moving dirt for a temporary modular facility at 40th Street and Sunset Avenue in Springdale, and is working with architect Ken Shireman & Associates on plans for a permanent building at that location. Gibson said the structure will serve as bank headquarters and probably be between 15,000 and 17,000 SF.