Islandia-based Gold Coast Bank has issued about $9.5 million in shares and will be listed as a public company, increasing liquidity for its shareholders and allowing the bank to make more and  bigger loans.

The New York State-chartered bank’s stock will be listed on the OTC Pink markets under the symbol “GLDT” as it becomes Long Island’s latest publicly listed firm.

The bank said its larger capital base due to the offering will allow it to make larger loans and expand lending throughout the New York City metropolitan area.

“We will use the proceeds of this offering to support the lending demand in our markets, to increase our lending capacity to our excellent customer base and new target markets, and to expand our branch footprint,” CEO John Tsunis said.

Gold Coast is regulated by the Federal Reserve Bank, the New York State Department of Financial Services and the Federal Deposit Insurance Corp., but will not have to report to the Securities and Exchange Commission.

The stock, whose listing is already posted, will begin trading  on the pink sheets,a supplemental exchange, within a few weeks with a roughly $40 million market capitalization.

The book value for the stock is about $10.30, which Tsunis said is likely to be roughly the initial price when trading begins.

“We were oversubscribed,” Tsunis continued. “I think that means our brand is being accepted. We’re beginning to be a force on Long Island.”

Atlanta-based FIG Partners, which specializes in taking banks public as well as mergers and acquisitions and market research for financial institutions, acted as the sole placement agent in the transaction.

In addition to its Islandia headquarters, Gold Coast operates branches in Huntington, Setauket, Farmingdale, Mineola and Southampton and is gearing up to open a  Brooklyn branch.

“We have a tremendous customer  base in Brooklyn,” Tsunis said. “To better serve that customer base in Brooklyn and New York City, we’re looking to add  offices in Brooklyn and Manhattan.”

He added that the bank ,which opened in Southampton roughly a year ago, growing that into one of its most successful branches, hopes to open in Manhattan, although he didn’t give a time frame.

“We’re not opening there yet, but we’re looking,” Tsunis said, noting the bank already has many customers in Manhattan. “We’ll be opportunistic and when we find the right spot, we’ll do it.”

Read more: http://libn.com/2016/06/29/gold-coast-bank-goes-public/#ixzz4CzCpnZeM