An outside investor is set to purchase about 85 percent of Hometown Community Bancshare's nonvoting stock as part of a $5 million investment in the troubled Braselton bank.
Bank president Sean Childers said board members recently OK'd the release of 100 million shares of stock as part of a capital investment campaign. Originally planned as a common stock purchase — which comes with a vote for the stockholder — the stock purchase by Ranjeet Singh Sidhu of Kuala Lumpur, Malaysia, will net him about 85 percent of the bank's newly issued nonvoting stock, Childres said.
It is the second time the bank has sought outside investment, having raised around $4 million in 2010.
For the full story, see the April 26 issue of The Jackson Herald.
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