July 2, 2008
Bank stock offering stumbles
By Taylor Smith
Auburn Savings Bank is making a final push for investors after an initial offering of shares didn't raise enough money for the bank.
The bank is aiming to raise between $2.25 million and $3 million, which it will use to bulk up lending to small businesses and homeowners, according to the Sun Journal in Lewiston. The shares are being sold for $10 each, and the bank didn't disclose to the paper how many have been sold. The stock offering expires in early August.
Auburn Savings Bank members last month approved forming a holding company that would control 55% of the bank's shares, and offering 45% of the shares to investors, the Sun Journal said. Bank President Allen Sterling blamed the economy for the weaker-than-expected offering.
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