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Community National Bank Raises Nearly $17.6 Million in Additional Capital from Its Secondary Common Stock Offering

^{Published on 2010-06-16 14:15:21 - Market Wire}
 

GREAT NECK, N.Y.--([ BUSINESS WIRE ])--Community National Bank (OTC: CBNY) announced today that it raised approximately $17.6 million in additional capital from its secondary common stock offering and will extend the offering period an additional 30 days to July 15, 2010.

The Bank will take into capital the funds that were raised thus far and, as permitted under the offering prospectus, have extended the offering so that it may raise the maximum offering amount of $19.5 million. The new capital will enable Community National Bank to continue its growth strategy and allow the bank to take advantage of opportunities that may arise due to the recent turmoil in the financial market. Stuart Lubow, Chairman, President and CEO commented: aWe are very pleased with the significant amount of capital raised during the first subscription period and the continued commitment that our existing and new shareholders have with Community National Bank. This additional capital will provide the Bank with ability to build and expand upon its existing network of seven branches, increase its lending capacity to small and medium sized commercial businesses and continue to increase total assets, which were $432 million at March 31, 2010."

ABOUT COMMUNITY NATIONAL BANK

Founded in 2005, Community National Bank is a full service community commercial Bank providing a wide variety of financial products and services to businesses and individuals within its marketplace. Community National Bank is a member of the FDIC and is an Equal Housing/Equal Opportunity Lender. For more information about Community National Bank contact Stuart Lubow Chairman, President and CEO of Community National Bank at 516-498-9111 or visit the Banka™s website at [ www.cnbny.com ].