Press Releases

Shore Community Bank Completes Offering To Stockholders, Commences Public Offering

Posted on 6/29/2005 by in 2005

Toms River, New Jersey, June 29, 2005 – Shore Community Bank (OTCBB: SHRC), announced that, as of the close of business on June 24, 2005, it had received subscriptions for the purchase of approximately 202,973 shares of common stock from its existing shareholders, at a price of $21.00 per share. The Bank previously announced, on May 24, 2005, that it was offering, to its stockholders of record as of April 25, 2005,…

Toms River, New Jersey, June 29, 2005 – Shore Community Bank (OTCBB: SHRC), announced that, as of the close of business on June 24, 2005, it had received subscriptions for the purchase of approximately 202,973 shares of common stock from its existing shareholders, at a price of $21.00 per share. The Bank previously announced, on May 24, 2005, that it was offering, to its stockholders of record as of April 25, 2005, the opportunity through June 24, 2005 to purchase up to 230,000 shares of the Bank’s common stock, with the Bank reserving the right to sell an additional 50,000 shares to cover over-subscriptions, if any.

In accordance with the terms of the Prospectus for the offering, any stock not subscribed for by the Bank’s existing stockholders on or before June 24, 2005 will be offered to the public, with a preference given to current customers of Shore Community Bank. The offering of shares to the public will expire on July 25, 2005, unless extended by the Bank’s Board of Directors. The Bank reserves the right to accept or refuse any orders in part or in whole and may close the offering at any time.


Theodore Bessler, President & CEO, stated, “Due to the overwhelming demand from our stockholders, we have sold a significant amount of the shares allotted to the offering to our existing stockholders. We take pride in the high percentage of the stock of Shore Community Bank, which is owned by its founding shareholders, directors and our local customers, and the continued confidence our stockholders have in the prospects for our institution.” Bessler further stated, “We believe that we provide personalized service, superior products, and competitive interest rates and fees to the local community. The new capital raised in the offering will increase our stockholders’ equity to assets ratio and enable the Bank to aggressively continue its growth. The Bank started with one office and $21 million of assets in 1997, and has grown significantly to its present four offices and over $140 million in assets.”


Shore Community Bank was founded in 1997 by a group of local business leaders to return community-based banking to the Toms River, Ocean County, New Jersey area. The Bank operates four banking offices, three located in Toms River and one in Ortley Beach, New Jersey. Regulatory approvals have been received for a fifth branch office, which is expected to open in early 2006, at the intersection of Route 528 and Route 547 in Jackson Township, Ocean County, New Jersey.


At March 31, 2005, the Bank had total assets, deposits, loans (net of allowance for loan losses) and stockholders’ equity of $132.7 million, $114.1 million, $88.3 million and $8.6 million, respectively. A copy of the stock offering prospectus may be obtained by contacting renglish@shorecommunitybank.com.

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