PAB Bankshares withdraws offering
Published 6:48 am Friday, August 27, 2010
PAB Bankshares Inc., parent company for The Park Avenue Bank, recently announced that it has withdrawn its registration statement to sell approximately $80 million of its common stock, due to changing market conditions. The company is said to be aggressively analyzing all other capital-raising alternatives and non-performing asset liquidation plans. “We remain focused on strengthening the company, and we must remain flexible and responsive to market conditions in order to find the appropriate solutions to our capital needs and asset quality issues,” said company President and CEO Jay Torbert.