Bank of the Bahamas International’s recent $25 million rights offering has resulted in an “outstanding response” according to Paul McWeeney, Managing Director. He indicated that BOBI believes the response is a reflection of both the public’s sophistication in understanding the value of solid investment and an appreciation for the vision of the bank.
Total assets of the Bank and its subsidiary, Bank of the Bahamas Trust Limited, jumped almost 18% in the last fiscal year that ended in June, climbing to $455 million. For the first three months of the new fiscal year ending September, total assets were listed at $497 million, a 27% increase over the same period in 2004. At that time, Mr. McWeeney pointed out that this growth level exceeded market trends and was a direct result of several major undertakings designed to create sustainable growth and prosperity for the institution and its 4,000+ shareholders. These initiatives included a highly successful mortgage campaign, expansion of credit card merchant services, the launch of new savings plans, and increased focus on the comprehensive online banking product. Meanwhile, Bank of the Bahamas Trust Limited also continued its growth trend. By November, assets reportedly had exceeded the half billion dollar mark.
Under the rights offering registered shareholders as of November 23, 2005 had first option on 3.6 million common shares at $7 a share. BOBI said the rights offering would raise funds to support its planned growth, including a service centre in South Florida.