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Centric planning another stock offering

Centric Bank is planning another common stock offering by the end of the third quarter, according to its top executive.

Patti Husic, Centric’s president and CEO, said the bank expects to announce the common stock offering “no later than mid-September” with the price per share to be determined in the next few weeks.

The current goal is to raise $8 million in the common stock offering.

The sale is for the “organic growth of the institution,” Husic said.

It will be the second capital-raising effort for Centric in less than 12 months. A fourth-quarter of 2014 stock sale raised $5.1 million, surpassing its $4 million goal.

The Lower Paxton Township-based bank said it intended to use the proceeds from the most recent stock offering to expand its loan department and open loan production offices in new markets. In April, it announced it would open a loan production office in Bucks County.

Centric’s loans outstanding have grown by $30 million in 2015 by the end of the second quarter, Husic said, and its loan-to-deposit ratio has increased from 83.5 percent in 2014 to 96.4 percent as of June 30. That’s helped the fuel the bank’s 2015 surge that saw Centric’s earnings rise 73 percent for the first six months against 2014 earnings.

Centric Financial Corp., the holding company for the four-branch bank, has about $329 million in assets and trades its shares on the OTC market at the ticker symbol CFCX.

Michael Sadowski

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