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If the anticipated wave of merger-and-acquisition activity in the banking industry ever hits, Blackhawk Bancorp in Beloit, Wis., wants to be ready for it.
May 2
Blackhawk Bancorp (BWHB) in Beloit, Wis., has raised $6.1 million by selling subordinated debt securities.
The $558 million-asset company said Monday that it would use proceeds from the sale to retire its senior debt and support its balance sheet.
The sale represents part an ongoing effort by the company to strengthen its capital position "without diluting our current shareholders," Todd James, Blackhawk's chief financial officer, said in a press release. James added that the notes qualify as supplementary capital under federal guidelines.
Earnings at Blackhawk rose 7% in the fourth quarter compared to a year earlier, to $781,000. The company said in February it would continue to reinforce its balance sheet while eyeing acquisition opportunities in Wisconsin and Illinois.
