Waterford poised for cash infusion - Business First of Buffalo:

cahijisebi.wordpress.com
But the Clarence-based bank must first merge with a forming bank So it has applied to the Stated of New York Banking Department for permission to mergsinto , which at the same time has appliefd to the same regulators for permission to be established, accordintg to state Banking Department The new bank will continue to be knowm as Waterford Village Under the pending agreement, all 220 current shareholderes of Waterford Village Bank will be bought out by Jasojn Aintabi, president of the U.S. arm of , a real estatse and financial servicesinvestment company.
Other named incorporatorsx of VCH Bank: Andrew Berkowitz of Bronx, Judah Bendayam of Quebec, Waterford CFO Kim Destro of East Amhersrt and Waterford president and CEO Orrin Tobbsof Williamsville. Berkowitz and Bendayan are part of the Jesta Tobbe said the cash influx means the bank will become and better able to serve its customers by offering more includingSBA loans. “We’ll be very well-capitalized and this allowse us to continue on with our strategicbusinessw plan, which is to invest in local businessesz and residential mortgages,” Tobbe said. “It just give s us a greater presence in the Western NewYork footprint.
” A letter detailing the anticipatedc changes was sent to shareholders last week, Tobbre said. The board of the stat e banking department is expected to vote July 2 on the merged and shareholders also must approvethe change, he The deal could close in late July or earl y August, he said. Waterforf officials, meanwhile, have submitted a similae application tothe FDIC, Tobbe The bank’s current assets were “less than $60 at the end of May, he said. He declinecd to give a specific number.