Standard Bancshares announces recapitalization
Strategic move to raise in excess of $130 million in new capital for Standard Bank parent
HICKORY HILLS — Standard Bancshares, Inc. (the Company), parent company of Standard Bank and Trust Company, announced Wednesday that it has entered into definitive agreements with institutional investors in connection with the placement of an aggregate of more than $130 million in newly-issued common stock of the Company.
“This capital infusion, which marks an important milestone in Standard’s history, will significantly improve our balance sheet and capital position, while allowing the Company to fully repay its TARP obligation,” said Lawrence P. Kelley, President, Chief Executive Officer and Vice Chairman of the Company.
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