Saehan Bancorp Receives Commitment Letters Totaling $30.9 Million
Thursday , January 21, 2010 18:00ET
LOS ANGELES--(BUSINESS WIRE)-- Saehan Bancorp (OTCBB:SAEB), parent company of Saehan Bank, today announced it has received conditional commitment letters from various accredited investors, including several members of the Board of Directors, totaling up to $30.9 million in connection with its private placement stock offering. It is anticipated that these commitment letters will be funded by next week. All funds received pursuant to the commitment letters will be deposited into an impound account and not released to the Company until certain conditions have been met, including raising a minimum of $60.0 million in commitments to purchase the Company's common stock, receipt of all necessary regulatory approvals, and certain other conditions. Unless these conditions are satisfied, all funds deposited into the impound account will be returned to investors.
Potential possibilities looming for small bank bail out support. Historically has high of $26 generated dividends and in Apr 09 had a come back to $2.50. Right signal from Fed - it may be time to buy for short term up side 2 to 3 point potential.
Saehan Bancorp (OTCBB:SAEB - News), announced that its subsidiary, Saehan Bank, received approval from the California Department of Financial Institutions and the Federal Deposit Insurance Corporation for an extension on the due date for compliance with certain capital ratio requirements.
If Saehan Bancorp could be small bank candidate (if they get to meet the gov't criteria) to rec'd the trickle down bailout-support $'s to small banks for development of operating credit lines and lending to small profitable business for expansion and/or updating their infrastructure process?
Putting more money into garbage will just make it more dirty. Saehan failed becasue of lack of talent. It will continue to have lack of talent way after these idiots throw away their money. Look at the management and board members. If you still agree with pouring more money, then good for you.