| Ticker: SJOE | 2015 Western Avenue | |
| Exchange: Over-the-Counter Market | South Bend, Indiana 46629 | |
| Industry: Financial | (219) 283-0773 |
| Type of Shares: | Common Shares | Filing Date: | 6/21/96 | |
| U.S. Shares: | 1,100,000 | Offer Date: | 9/4/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 1,100,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.70 | |
| Offering Amount: | $11,000,000 | Selling: | $0.30 | |
| Expenses: | $113,500 | Reallowance: | $0.10 | |
| Shares Out After: | 1,000,000 |
| Manager | Tier | Phone |
| Robert W. Baird & Company | Lead Manager | (414) 765-3500 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 5/31/96 | 5/31/96 | ||||
| Revenue: | $0.00 | Assets: | $0.25 | ||
| Net Income: | -$0.11 | Liabilities: | $0.35 | ||
| EPS: | Equity: | -$0.11 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a proposed bank holding company organized in February, 1996, under Delaware law to own all of the common stock of the Bank. The bank is organizing as an Indiana-chartered commercial bank with depository accounts to be insured by the Federal Deposit Insurance Corporation. The bank intends to offer a full range of commercial and consumer banking services primarily within a fifteen mile radius of Mishawaka, Indiana. This area encompasses a substantial portion of the Indiana communities of Mishawaka, south Bend, Notre Dame, Granger, Osceols and Elkhart, and certain Michigan communities, iNcluding Niles and Edwardsburg. Due to the overlap of this metropolitan area over state lines, this region is often referred to as "Michiana". The company and the bank have applied for all necessary regulatory approvals, and assuming the successful completion of this offering, anticipate commencing business by the first quarter of 1997. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to provide the bank's initial capitalization. The bank will use these funds to remodel the leased premises that will serve as its main office, to purchase furniture, fixtures, and equipment and other necessary assets for the bank's operations. The balance will be used to fund investments in loans and securities and for payment of operating expenses. |
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