On Thursday, Fortune Bank announced it will try to raise $450 million in new capital in hopes of acquiring Northwest banks that have been weakened by the recession and real-estate. Martin Glynn, formerly from HSBC, will become the CEO and help lead this effort along with the Bank's leadership team. Fortune plans to use the new capital in government-assisted deals for shuttered banks, along with acquisitions to help grow.
The Bank plans to raise money through its shareholders by increasing the numbers of shares from 10 to 250 million. The FDIC must first approve the offering before the Bank can solicit investors. Current CEO, David Straus, says that the new capital could be enough to increase Fortune's asset base from it's existing assets of $118.5 million to more than $4 billion.
To read the full article from the Seattle Times, visit their website at seattletimes.nwsource.com/html/businesstechnology/2011382752_fortunebank19.html.