DARIEN ROWAYTON BANK RECEIVES $10.5 MILLION IN NEW CAPITAL
Darien Rowayton Bank reported today it has consummated the previously announced transaction with Alcar LLC (“Alcar”) which resulted in Alcar investing $10 million in new equity capital in the Bank. The managing member of Alcar is Gary Lieberman. In addition the Bank received a $500,000 investment from officers and directors of the Bank.
Mr. Lieberman is the founder and Managing Director of West Side Advisors, LLC, an investment management firm that invests primarily in mortgage securities. Its current fund was up 70.3% for the year ending 2009. Robert Hirt, the second largest investor in Alcar, is the Chairman and CEO of RPM Mortgage, Inc., a residential mortgage lender, originating over $4 billion of residential mortgages in 2009. The expertise of these two individuals will enable the Darien Rowayton Bank to be at the forefront of mortgage origination in Fairfield County.
Mr. Lieberman said: “The investors in Alcar believe that small businesses and their owners represent the most underserved market by financial institutions. It is crucial to our country and to our economy that community banks lend to small business owners in order to restore jobs. Alcar is extremely pleased to be able to increase the Bank’s capacity to help local business owners grow their companies and employ more people.”
Chairman and CEO John Bowes commented, “We are very grateful for the strong community response to our Bank’s products, its convenient locations and its highly personalized customer service. This new investment insures that the Bank will continue to provide outstanding service to its customers. The Bank now has a very strong capital base. We are in the business of lending and we now have significant capacity to serve our commercial clients’ needs to help them grow their businesses and to offer competitively priced mortgages to our residential clients.”
