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Ken Lehman is buying outsized stakes in community banks, using his personal funds and often introducing himself to CEOs with a direct phone call.
February 22 -
Four Oaks Fincorp (FOFN) in Four Oaks, N.C., could raise more than $27 million in a securities agreement and rights offering.
March 26
Kenneth Lehman is getting ready to increase his stake in Liberty Bell Bank (LBBB) in Marlton, N.J.
The $158 million-asset company said in a press release Friday that it will sell $2.9 million of common stock to Lehman, an individual investor, for $1 each. The company plans to sell another $2.1 million in stock to other investors. Liberty Bell said it expects to complete the offering by May 12.
Lehman already
"The completion of this capital raise will allow us to be in compliance with all of the provisions of the Consent Orders issued to us by our regulators last fall," Kevin Kutcher, Liberty Bell's president and chief executive, said in the release. "We are very excited that we have the support of our largest shareholder... as we continue positioning ourselves for a prosperous future."
Kucher also said he hopes to add Lehman to Liberty Bell's board once the offerings are completed.
The agreement also allows Lehman to identify up to $9 million in problem assets that would become part of an asset-resolution plan. "This plan will provide for the disposition, work-out or other resolution of the problem assets within 18 months after the closing date, based upon the additional capital raised," the release said.
Lehman has
