1/14/14 - A local financial institution headquartered in Livingston County says it has worked through the recent recession and a recapitalization is part of its future success locally. First National Bank in Howell has eight offices in Livingston County and recently announced a successful recapitalization. President/CEO Ron Long says the agreement with federal regulators will allow it to increase capital ratios, which is something theyâve been working on for the past few years. He says they were recently able to attain capital that satisfies ratios federal regulators want the bank to have. Long tells WHMI the recapitalization strengthens the bank and will facilitate additional lending activity, but says customers will notice expanded products and services and increased convenience over time along with a continued focus on local lending. Long says the first phase of recapitalization was completed with a net $16.4 million in capital, meaning the bank is considered adequately capitalized. He says theyâll be following up that first phase with an additional rights offering to existing shareholders or stock sale, which he hopes to have completed in first or second quarter of this year. (JK)
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