McHenry Bancorp in Ill. raises capital to meet regulatory standards
McHenry Bancorp in Illinois has raised $23 million through a stock offering.
The holding company for the $223 million-asset McHenry Savings Bank sold common stock through a private placement to institutional and accredited investors.
FIG Partners, which handled the placement, said in a press release Tuesday that the offering’s net proceeds restored capital levels at McHenry Savings to standards required by federal banking regulations. Additional capital will support future growth and customer expansion, among other things.
McHenry Savings’ Tier 1 capital ratio at Dec. 31 was 5.73%, according to its call report. The total capital ratio was 6.97%.
“We are pleased with the results of the bank's strategic decisions made over the past year, and the very positive response to our capital raise," Kathleen Marinangel, McHenry’s CEO, said in the release.
"The successful offering was a vote of confidence by the investment community demonstrating strong support for our bank,” Marinangel added. “This new capital will allow the bank to continue to grow organically, support an expanding customer base and provide additional capital for our future."