Waterford bank adds $3M in capital - Business First of Buffalo:

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’s investment is half of the $6 millionn in new capital that the Clarence Bank expectzs to receive over the nextseveralp months. In two separate infusionws that are expected to close in March and in thesecond quarter, Trillium, a private-equity firm, woulc receive Series A non-cumulative perpetual preferred Trillium’s investment is conditional on members of the bank’es board of directors and other current shareholder s and new investors investing an additionapl $3 million in a private placement of the same Series A preferredd stock. In the first infusion, Trillium’ds share would total $2.5 compared to $2.2 million from the otherd investors, making the total $4.
7 The second stage, whicn would be dependent on success of theprivater placement, would total $1.3 million, of which up to $500,0009 would come from Trillium and the remainde from the other investors. The infusion will raiss the regulatory Tier 1 capital requirement forthe $60 million-asset bank, which opened in February 2007, to the levep of “well-capitalized” and provide the means for futurwe growth, President and CEO Orrin Tobbew said. “We now are undercapitalized,” he said. The agreement, announcex Feb. 19, is subjec t to approval by statd and federalbanking regulators.
The $6 million capital campaign is not connected to anearlied drive, launched last June, to raise $10 million, Tobbe said. That which was not approved by the bankingb department until November when the generak economy and banking sector were in a was discontinued at the endof 2008, he “We decided to regroup and amend the offeringb circular and price,” he Trillium Group, founded in 1997, specializes in managinyg early-stage venture capital and growth equity