Cecil Bancorp Completes $10.0 Million Capital Raise for Additional Growth; Announces 2 New Executive Officers
ELKTON, Md., August 26, 2021 – Cecil Bancorp (“Company”) (OTC: CECL), the bank holding company for Cecil Bank (“Bank”), today announced the completion of a successful $10.0 million capital raise through the sale of its voting and non-voting common stock. The Company plans to use the net proceeds of this capital raise to provide additional capital to support growth opportunities and build franchise value.
Bill Knott, President and Chief Executive Officer, stated, “The Company appreciates the confidence its investors have shown in the future of Cecil Bank. This new equity will provide additional cushion in our capital base to support our planned market expansion into Central Maryland. The Bank has grown its lending book by over 30% since December 2020 and hired Craig Vogel as a relationship manager to introduce Cecil Bank in the Central Maryland market.”
The Company also announced the hiring of two other executive officers. David A. Miller joined Cecil Bank in December 2020 as its Chief Financial Officer and David S. (Dave) Miller joined Cecil Bank in March 2021 as its Chief Credit Officer. Both executives have over 34 years of banking and management experience in the mid-Atlantic market.
The quality and experience of the team we have been able to attract allows Cecil Bank to continue providing leading client services in Cecil County while growing the Bank by taking advantage of opportunities in Central Maryland. Knott stated, “Cecil Bank has a strong Board with Bill Cole as Chair, Hope Lundt as Vice Chair, John Lyons, Tom Vaughan, Kent Snodgrass and recently added Mark Keidel. The skills, experience and counsel of the Board have allowed the Bank to resolve legacy issues and pivot to grow the Company.”
Chair Cole added, “I’m excited about the future of Cecil Bank. Having resolved our legacy issues, this addition of capital, combined with our new hires, positions us to capitalize on the growth opportunity presented in Central Maryland.”
Piper Sandler & Co. served as the Company’s financial advisor and Nelson Mullins Riley and Scarborough, LLP served as the Company’s legal counsel for the stock offering.
About Cecil Bank
Cecil Bank is a state-chartered community bank established in October 1959 and headquartered in Elkton, Maryland. The Bank serves Cecil County from its headquarters location and three additional branches located in North East, Rising Sun and Elkton. Cecil Bank is a member of the FDIC and an Equal Housing Lender. For more information or to view financials, visit www.cecilbank.com.
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Cecil Bancorp has no obligation to publicly update forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
J. William Knott
President and CEO, Cecil Bancorp, Inc.