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Howard Bancorp, Inc., the parent company of Howard Bank, announced today that it has completed the sale of $10.2 million, or 1,396,364 shares, of its common stock. The capital was raised through the sale of common stock to participants in its previously announced public offering as outlined in its registration statement filed with the Securities and Exchange Commission as well as a previously announced private placement. A registration statement relating to these securities has been filed with, and was declared effective by, the Securities and Exchange Commission. The offering was made only by means of a prospectus. The purchase price for all shares purchased was $7.30 per share.
Mary Ann Scully, Chairman and CEO, commented, "Formed in 2004, Howard Bank has a history of significant, profitable organic growth and has been successful in growing both its loan and deposit portfolios more than 10% annually through the financial crisis and recession, while maintaining superior asset quality. With assistance from our financial advisor, Griffin Financial, LLC, Howard Bancorp developed a unique plan to raise capital. In the process, we became an SEC ’34 Act reporting company, furthering our goal to be as transparent as possible. We believe that this successful capital raise is significant for a number of reasons. First and foremost, it provides us with the additional capital that will allow us not only to continue our organic growth but to also participate fully in any community banking consolidation which is being driven by the economic and industry forces facing all of us today. Second, it represents a vote of confidence by existing shareholders, other retail investors in our marketplace and, for the first time, institutional investors who have seen many attempted community bank offerings over the last few years but have selectively participated in only a few. Third, it enhances our ability to continue to leverage our historical strengths in an attractive Greater Baltimore and Central Maryland marketplace and to bring our distinctive brand to our many existing and prospective stakeholders.”