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Utah-based All West Bancorp in $3.7M capital raise

Sandy, Utah-based All West Bancorp plans to issue up to 350,000 common shares, for sale at $10.60 apiece or $3.7 million in aggregate.

The issuance, disclosed in a notice for change in control filed with the Federal Reserve Bank of San Francisco, relates to proposed stock purchase agreements with five investors.

The five are affiliated with an entity with which subsidiary FinWise Bank does business. They each currently own 5,389 shares of All West. Matthew Moskowitz intends to buy an additional 78,015 shares; Jarret Prussin and Menachim Wilenkim will buy 50,000 more shares each. Paul Brown will buy 48,000 shares; Yaakov Markovwitz will buy 20,000 shares.

The remainder of the newly issued shares is expected to be acquired by other investors.

All West has 766,732 common shares outstanding, and its largest shareholder owns 55,000 shares, or less than 10%. After the issuance and stock sale, the company will have 1,116,732 shares pro forma outstanding. The group of five investors will own 24.44% in aggregate. Matthew Moskowitz will be All West's largest shareholder, with a 7.5% stake.

None of the investors intends to hold more than a 10% interest in the company, according to the filing. However, they expect All West to increase its board size by one to nine members. A director nominee has yet to be named.