Lincoln Savings Bank Raises over $15 Million in Private Offering
The following information is provided by Emily J. Girsch, CPA, MBA, Executive Vice President & Chief Financial Officer for Lincoln Savings Bank.
Cedar Falls, IA – Lincoln Bancorp (the “Company”), holding company for Lincoln Savings Bank, announces that it completed three rounds of sales in a Preferred Stock Offering totaling over $15 Million. The Company intends to use the capital to meet strong loan demand, continue strategic growth of their current Des Moines presence, and expand into other Iowa county-seat markets. Additionally, the Company aims to continue attracting top banking talent and prepare to achieve $1 billion in assets over the next 2-3 years.
“It was exciting to see investor response from the start” explained Lincoln Savings Bank President and CEO Erik Skovgard. “We know we’re building on a solid, 113-year-old foundation and continuing to build a company that can embrace the challenges and opportunity of banking in the 21st Century. Seeing the type of engagement investors expressed confirmed that we’re able to communicate our vision and strategy in a meaningful way.”
The Company’s growth trajectory begun in 1986 when former President and CEO Steve Tscherter spearheaded the first acquisition of the company’s current era in Allison, IA. That was followed by additional key rural acquisitions and the eventual move into the Waterloo – Cedar Falls and metro Des Moines markets.
About Lincoln Bancorp and Lincoln Savings Bank
Lincoln Bancorp is a privately-held, bank holding company headquartered in Reinbeck, Iowa. Its primary operating subsidiary, Lincoln Savings Bank, was established in 1902 and today has over 250 employees that service the needs of clients from its 17 full-service locations and 21 total locations. Lincoln serves both metro markets and rural county seat markets in Central and Northeastern Iowa. Lincoln Savings Bank’s subsidiary, LSB Financial, extends Lincoln’s traditional banking capabilities to include Insurance, Wealth Management, and Trust.
From 2000 to 2014 Lincoln Savings Bank enjoyed a total asset compounded annual growth rate of 7.10%. As of December 31, 2014, total assets were $832 million and at September 30, 2015 total assets increased to $837 million. Lincoln Bancorp has experienced 25 years of profitability and in 2014 recorded net income of $6.0 million.