NEWBURGH, N.Y., Oct. 22, 2019 (GLOBE NEWSWIRE) -- ES Bancshares, Inc. (the “Company”), the holding company for Empire State Bank (the “Bank”), announced today that on October 18, 2019 it completed a private placement of 2,527,707 shares of its common stock, resulting in gross proceeds to the Company of approximately $10.5 million, before deducting expenses. The shares were sold pursuant to definitive agreements with institutional investors and certain other accredited investors, including directors and executive officers of the Company. Raymond James & Associates, Inc. served as placement agent for the offering.
The proceeds from the sale of common stock will be used for general corporate purposes. The Company’s Chief Executive Officer, Philip Guarnieri, stated “We are pleased to announce this financing from a group of investors who are familiar with our Company. We appreciate their support, as well as that of our local community.”
Empire State Bank offers a wide range of financial services through its branch office network in Newburgh, Brooklyn and Staten Island, New York. For more information about Empire State Bank, please visit www.esbna.com.
This press release may contain certain forward-looking statements about the private placement and the Company’s operations. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “will,” “may,” “believe,” “expect,” “anticipate” and “intend.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include general and local economic conditions; changes in interest rates, deposit flows, demand for mortgage and other loans, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services.