Liberty Bell Bank to raise $5 million

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Liberty Bell Bank, of Marlton, said it plans to sell up to $5 million worth of shares for $1 each to help it meet capital requirements under an agreement reached in November with the Federal Deposit Insurance Corp.

Kenneth R. Lehman, an investor who specializes in community banks and already is Liberty Bell's largest shareholder, with a 16.95 percent stake, has agreed to buy up to 2.9 million shares. The amount he buys depends on how many of 2.1 million shares offered to the public are sold, the bank said.

The agreement with Lehman, who plans to join Liberty Bell's board, allows him to identify up to $9 million in problem assets that the bank would have to deal with on an accelerated basis, the bank said.

Liberty Bell, which had $110 million in loans and $147 million in deposits at the end of last year, has lost a total of $6.4 million over last two years.

The planned stock offering must be approved by the New Jersey Division of Banking and Insurance.

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Liberty Bell Bank to raise $5 million

Libertarian Candidate for NY Governor, Chris Edes, on the Wall Street Corruption – Video

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Libertarian Candidate for NY Governor, Chris Edes, on the Wall Street Corruption
Chris Edes talks about the Wall Street fraud and crony capitalism/corporatism. Greater Rochester Libertarian Convention, March 22, 2014. website: http://www....

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Libertarian Candidate for NY Governor, Chris Edes, on the Wall Street Corruption - Video

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Greater Boston Video: Author Cass Sunstein Breaks Down ‘Libertarian Paternalism’ – Video

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Greater Boston Video: Author Cass Sunstein Breaks Down #39;Libertarian Paternalism #39;
Everyday, we do things despite of our better judgment, but when should the government step in to protect us from ourselves? Harvard Law School professor Cass...

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Greater Boston Video: Author Cass Sunstein Breaks Down 'Libertarian Paternalism' - Video