Alliance Bank raises nearly eight million in fundraising push
Alliance Bank and Trust, based in Gastonia, raised about 8 million to shed its 2012 consent order. President and CEO Don Harrison said over half, 4.3 million, came from local investors while 3.5 million came from P Byron DeFoor of DeFoor Development Incorporated in Tennessee. Regulators issued the order to review management and resolve problem loans, increasing oversight and costs, though Harrison credits the order with guiding improvements and higher FDIC insurance costs.
MENTIONED IN THIS ARTICLE
Gastonia
Alliance Bank and Trust
Alliance Bank
Alliance
Don Harrison
Ooltewah, Tenn
P. Byron DeFoor
DeFoor Development Inc
Harrison
Federal Deposit Insurance Corporation
DeFoor
Tennessee
Bank investment aided Alliance through stock conversion and board adds
2e DeFoor redirected at least 2 million of his funds to convert part of Alliance's preferred stock into common stock, a move Harrison says will save the bank thousands annually on interest to the federal government. He also placed two community banking advisors on Alliance's board.
MENTIONED IN THIS ARTICLE
Alliance
Harrison
Groundwork for Fundraising Effort Involves Change
The effort raised money in eight to nine months with groundwork including a management change and consulting with Atlanta based Community Capital Advisors before advancing to the next phase.
MENTIONED IN THIS ARTICLE
Community Capital Advisors
Bank funds to boost local building and business lending
Harrison said the bank will use the money to fund local building and business projects. The capital-raises aim to help Alliance raise lending limits, restart stalled projects, and place the bank on a growth track.
MENTIONED IN THIS ARTICLE
Harrison
Alliance
Regulators weigh bank’s response to cash infusion
Harrison notes federal oversight focuses on how a bank manages a sudden capital boost. If Alliance demonstrates improved performance after the capital increase, the probability rises that regulators will lift the current order.
MENTIONED IN THIS ARTICLE
Harrison
Alliance
Feds
Harrison eyes end of stricter scrutiny by 2016 17
Harrison hopes the tighter oversight could be finished by late 2016 or early 2017. This estimate is more conservative than prior Alliance projections. David White, the bank’s board chairman, said in December he hoped the order might be lifted as soon as February or March 2015.
MENTIONED IN THIS ARTICLE
Harrison
Alliance
David White
Bank says local real estate market improving
Harrison credits cash infusion for timing as the Gaston area real estate market shows cautious expansion plans by local businesses and builders in Gaston and nearby counties. He says the bank is positioned to capitalize on upcoming growth.
MENTIONED IN THIS ARTICLE
Harrison
Gaston
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