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Marco Bancorp to offer stock to shareholders
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Marco Community Bancorp Inc. will offer 1 million shares of its common stock to company shareholders, according to a filing with the U.S. Securities and Exchange Commission.
The money from the offering will be used to provide operating capital, including additional allowances for loan losses, and to support growth, the filing says. Some of the money could be used to open new branches or expand services to customers.
Also, the company has received and accepted the resignation of its chief financial officer, Thomas M. Whelan, effective June 20. Laura Witty will take over the job. She has served as vice president and controller of the bank since March 2005.
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