Waterford poised for cash infusion - Business First of Buffalo:

http://www.chasr.org/blog/archive/2007/04/24/what-is-taking-so-long-with-chasr-2/
But the Clarence-based bank must first merge with a formingbank company. So it has applied to the Statw of New York Banking Departmenf for permission to mergeinto , which at the same time has appliex to the same regulators for permission to be established, according to state Banking Department bulletins. The new bank will continued to be known as WaterfordsVillage Bank. Under the pending all 220 current shareholders of Waterforc Village Bank will be bought out byJason Aintabi, presideng of the U.S. arm of , a real estatde and financial servicesinvestment company.
Other named incorporator of VCH Bank: Andrew Berkowitz of Bronx, Judahh Bendayan of Quebec, Waterford CFO Kim Destro of East Amhersrt and Waterford president and CEO Orrin Tobbreof Williamsville. Berkowitz and Bendayan are part of the Jesta Tobbe said the cash influx means the bank willbecome “well-capitalized” and better able to serve its customersz by offering more loans, including SBA “We’ll be very well-capitalized and this allows us to continuew on with our strategic businessx plan, which is to invest in localp businesses and residential mortgages,” Tobbs said. “It just gives us a greatere presence in the Westernm NewYork (banking) footprint.
” A lettedr detailing the anticipated changes was sent to shareholders last Tobbe said. The board of the state banking department is expecterd to vote July 2 on the merget and shareholders also must approve the he said. The deal could closse in late July orearlh August, he said. Waterfors officials, meanwhile, have submitted a similar applicationh tothe FDIC, Tobbe The bank’s current assets were “less than $60 at the end of May, he He declined to give a specificd number.