| First International Bancorp, Inc. | |||
| Ticker: | FNCE | One Commercial Plaza | |
| Exchange: | NASDAQ-National Market | Hartford, CT 06103 | |
| Industry: | Financial (SIC Code 6712) | (860) 727-0700 | |
| Type of Shares: | Common Shares | Filing Date: | 7/15/97 | |
| U.S. Shares: | 1,700,000 | Offer Date: | 9/22/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 1,700,000 | Offer Price: | $13.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.94 | |
| Offering Amount: | $18,700,000 | Selling: | $0.55 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 7,474,052 |
| Manager | Tier | Phone |
| Prudential Securities Incorporated | Lead Manager | (212) 778-5420 |
| Keefe, Bruyette & Woods, Inc. | Co-manager | (212) 323-8470 |
| Issuer's Law Firm: | Bingham, Dana & Gould |
| Bank's Law Firm: | Stroock & Stroock & Lavan |
| Auditor: | Coopers & Lybrand |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 3/31/97 | 3/31/96 | 3/31/97 | ||
| Revenue: | $17.51 | $4.64 | $3.49 | Assets: | $162.17 |
| Net Income: | $3.24 | $1.01 | $0.75 | Curr Assets: | |
| EPS: | Liabilities: | $122.41 | |||
| Prior EPS: | -$0.72 | $1.34 | Curr Liabilities: | ||
| Cash Flow/Oper: | $1.38 | Equity: | $39.76 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company, a Delaware corporation, is a one bank holding company incorporated in 1985 and regulated by the Board of Governors of the Federal Reserve System. Its principal asset and subsidiary is First National Bank of New England, a national banking association established in 1955 and regulated by the Office of the Comptroller of the Currency (the "OCC"). The Company specializes in providing credit, trade and depository services to small and medium size manufacturing companies located in the United States and in foreign "Big Emerging Markets" as defined by the U.S. Department of Commerce. The Company serves its target market by offering flexible and attractive terms to borrowers and manages its credit risk through the combined utilization of commercial loan guarantee programs made available by three U.S. federal agencies: the U.S. Small Business Administration (the "SBA"), the U.S. Department of Agriculture (the "USDA"), and the Export-Import Bank of the U.S. (the "Ex-Im Bank"). |
| Competition |
| The Company competes for commercial and export borrowers with other commercial and savings banks, savings and loan associations, credit unions, finance companies, mutual funds, insurance companies, brokerage and investment banking firms and certain other nonfinancial institutions, many of whom are able to devote far greater resources than the Company to market, underwrite and service loans to the same client base. The Company competes by emphasizing its expertise and knowledge of its client's businesses, customer service, flexibility in structuring financing transactions and strong client relationships. Through the combined utilization of government guarantee loan programs, the Company is able to provide flexible longer-term financing than would otherwise be available to borrowers, and through its Private Banking Department, the Company is able to offer traditional personal deposit products. |
| Business Plan |
| The company's strategy is to serve small and medium size manufacturers through the following key activities: (I) Expand Domestic Loan Origination Activites, (ii) Increase International Presence in "Big Emerging Markets", (iii) Expand Commercial Loan Sales Activities, (iv) Develop New Products and (v) Utilize Private Bankin to Provide Stable, Low-Cost Funding and Enhance Client Relationships |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to support and expand the company's international and domestic financial activities. |
| Name of Shareholder | % Owned Before | % Owned After |
| Rhoda L. Chase | 63.38% | 48.97% |
| David T. Chase | 63.38% | 48.97% |
| Cheryl A. Chase | 63.38% | 48.97% |
| Arnold L. Chase | 63.38% | 48.97% |
| Brett N. Silvers | 10.96% | 8.47% |
| Bernard M. Waldman | 8.11% | 6.26% |
| Anthony Gannuscio | 5.01% | 3.87% |
| Officer Name | Title | Age |
| Brett N. Silvers | Chairman of the Board and President of the Company and the Bank | 42 |
| William J. Anderson | Executive Vice President and Director of the Bank | 58 |
| Leslie A. Galbraith | Executive Vice President, Secretary and Treasurer of the Company and Executive Vice President, Chief Financial Officer and Director of the Bank | 35 |
| Brian J. Charlebois | Executive Vice President-Chief Operating Officer and Director of the Bank | 37 |