Got this e-mail from the organizers of Georgica Bank. Starting a bank during an economic downturn is never easy, and neither is starting a bank.
On Wednesday evening the Organizer Group of Georgica Bank resolved to withdraw our charter application. As we approached our final extension deadline of December 3rd, given the economic environment, the likelihood of our reaching the $25 million minimum was becoming remote. We are very proud of our having raised more than $17 million among 260+ local investors, but we could not bring in the additional funds we needed to close the offering. We have a great concept that we feel confident would have been extremely successful, if we were able to get past this point. Please find attached the press release regarding the withdrawal of our application. Would you pass it to the appropriate person in editorial for us? Thank you for the consideration you gave me and Georgica Bank throughout our pre-opening.
