Tidelands Bank withdraws stock offering
May 19, 2010 1:31:00 AM - thestate.com
The owner of Tidelands Bank is seeking new ways to raise money after shelving a proposed $35 million stock sale Tuesday.
Mount Pleasant-based Tidelands Bancshares Inc. said it withdrew the offering based on unfavorable market conditions
Also, the company said in a statement that it is aggressively analyzing other capital raising alternatives. It did not elaborate.
Robert Chip Coffee Jr., the banks president and chief executive officer, did not respond to requests for comment.
In a prepared statement released early Tuesday, he said: As a result of the prevailing poor market conditions influenced by numerous factors both domestic and abroad, the likely terms for our previously announced common stock offering did not meet our criteria and was not at a level that we believed was in the best interests of our shareholders.
USA, South Carolina: (Latest Stories)