Bank Engages Leading Platform for Private Company Stock
Lehigh Valley, PA – Team Capital Bank announced today that it has engaged SecondMarket to facilitate ongoing liquidity programs for its shareholders. SecondMarket, the largest secondary marketplace for private company stock, launched a pilot program for U.S. private community banks earlier this year. Team Capital Bank, a privately held community bank founded in 2005, completed its first liquidity program using the SecondMarket platform in June; the second program ended earlier this month.
“Enabling shareholders to gain desired liquidity is a challenge as a privately held company,” said Robert A. Rupel, President & Chief Executive Officer of Team Capital Bank. “SecondMarket allows us to control all aspects of the secondary market for our stock, including buyer access, seller rules, and the frequency at which shares are traded, while facilitating investment opportunities for our shareholders and outside investors.”
Team Capital Bank sought an effective response to shareholder liquidity needs but also a solution to minimize the administrative burdens associated with share transfers. The Bank selected SecondMarket because of its reputation for success in the secondary market for venture-backed private company stock. The Bank’s first trading event was considered a success.
“Shareholders who were both buyers and sellers appreciated having a marketplace to facilitate trades while ensuring that they paid and received a fair market price,” said Howard N. Hall, Chief Financial Officer of Team Capital Bank.
“We are pleased to partner with Team Capital Bank to help alleviate the administrative and legal burden of facilitating secondary transactions,” said SecondMarket Senior Vice President, Caryn Feinberg, who leads the community banking program. “Community banks are integral to local economies, and by working with SecondMarket, banks can enhance their ability to raise outside capital, ultimately enabling them to provide more loans to the local community and small businesses.”
SecondMarket’s community bank market also provides institutional and individual accredited investors with access to investment opportunities in private community banks, allowing them to focus on growth in specific, hyper-local geographic markets.
About Team Capital Bank
Team Capital Bank, a community bank that delivers banking services to personal and business customers, has twelve banking offices in Allentown, Bethlehem, Doylestown and Newtown, Pennsylvania and West Orange, Far Hills, Somerville, Flemington, Clinton and Phillipsburg, New Jersey.
Each office is managed locally, is staffed by banking professionals with significant industry experience, and has a regional Board of Directors. One of the fastest growing banks in the country, Team Capital Bank is committed to delivering banking services that are Different and Better. Team Capital Bank, a Pennsylvania savings bank founded in 2005, is a member of the FDIC, an Equal Opportunity Employer and an Equal Opportunity Lender. www.teamcapitalbank.com
SecondMarket‘s goal is to revolutionize the financial markets by creating a trusted global platform that more efficiently allocates capital through technology-enabled solutions. As a result of our unique processes, expertise, technology and vast network of institutional and accredited individual investors, we believe that SecondMarket can aggregate and connect investors around the world with billions of dollars in investments.
Initially launched as a marketplace for restricted securities in public companies, SecondMarket has expanded into a variety of next generation asset classes. To provide capital solutions for various types of issuers, ranging from venture-backed companies to community banks to fund managers, SecondMarket has developed innovative tools for issuers to engage with their stakeholders and the SecondMarket community.
SecondMarket’s shareholders include FirstMark Capital, New Enterprise Associates (NEA), SVB Financial Group (Nasdaq: SIVB), the Li Ka-Shing Foundation, Dunearn, a subsidiary of (Singapore) Temasek Holdings, and The Social+Capital Partnership L.P. SecondMarket’s broker-dealer subsidiary, SecondMarket. Inc., is registered with the Securities and Exchange Commission and the Financial Industry Regulatory Authority as a broker-dealer and alternative trading system (ATS), and is a member of the Municipal Securities Rulemaking Board and the Securities Investor Protection Corporation. The company was selected as a 2011 Technology Pioneer by the World Economic Forum in Davos, Switzerland. For further information, please visit http://www.SecondMarket.com.
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