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Greater Hudson Bank raises $9.2M in capital in private placement

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Greater Hudson Bank raises $9.2M in capital in private placement

Bardonia, N.Y.-basedGreater Hudson Bank raised$9.2 million in a private placement involving 2,298,750 shares at $4 per share June21.

As a resultof the offering, Greater Hudson's capital went up 19.8% to $55.6 million from $46.4million, and increased its Tier 1 capital ratio to 12.3% from 10.2%. The capitalinfusion also allowed Greater Hudson to increase its legal lending limit by 18.6%to $8.8 million from $7.4 million.

The company'sboard members, senior managers, ambassadors and clients participated in the privateplacement, which the company said was oversubscribed.