WOODBRIDGE, Conn. - CBC Bancorp has received approval from the Federal Deposit Insurance Corp. for an amended capital plan to raise at least $1.2 million in a stock offering by Sept. 30.
According to the amendment, the company's majority shareholder, Randolph W. Lenz, will buy any unsold securities to guarantee that the bank reaches the minimum capital level.
The original plan called for a $200,000 infusion at Dec. 31, which was achieved, and an additional offering of only $1 million at June 30. But that offering could not be completed because the securities registration was delayed by a state examination.
CBC is the holding company for Connecticut Bank of Commerce, with $93 million in assets. - Compiled by Jonathan Epstein