By Joseph N. DiStefano
Continental Bank owner Continental Bank Holdings, Inc., Plymouth Meeting, says it’s raised $16.5 million in a private sale of common and “perpetual preferred” shares sales to specialty bank investor Castle Creek Capital Partners IV LP, and Greenhill Capital Partners III LP. Investment bankers at Keefe Bruyette & Woods helped with the sale.
“Net proceeds from the offering will be used to further increase the Bank’s capital position and for other general corporate purposes,” bank boss H. Wayne Greist said in a statement citing the “confidence and support” shown by the investors.
“If you’re standing still, you’re moving backwards,” Greist told me. “You’ve got to grow, prudently,” in the current tight regulatory and slow economic environment.
Besides building capital at a time when worried bank regulators are demanding lenders keep more money in reserve, the new money will “support” future growth in “the growing list of communities we serve,” which include affluent Main Line-area suburbs as well as nearby towns on the north side of the Schuylkill, from Roxborough in Northwest Philly out to Limerick in central Montgomery County, Greist said.