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Phoenix Bancorp Capital Raise Results

March 18, 2013

PHOENIX BANCORP, INC. ANNOUNCES $1,000,000 CAPITAL RAISE

Minersville, PA – Phoenix Bancorp, Inc., the holding company of Miners Bank announced today that it has sold directly to several investors in the Hazleton Market an aggregate of 26,956 shares of common stock at a price of $40.00 per share.  The organization received net proceeds of approximately $1,078,000.  The organization intends to use the net proceeds for supporting its strategic initiatives in the Hazleton Market. 

"We are very pleased with the investor response to our offering, which reflects the confidence our organization has instilled in the Hazleton Market through our banking strategy and our ability to effectively execute on it," said George H. Groves, President and CEO.  “We are excited about the opportunities that we see in the Hazleton Market and look forward to expanding our operations through this capital raise in order to provide additional banking services to the Greater Hazleton area,” said John Spevak, Executive Vice President and Hazleton Market Manager. 

The Miners Bank is committed to providing personalized service and a full array of quality products to individuals and businesses.  The corporation, Phoenix Bancorp, Inc., including its wholly owned subsidiary, Miners Bank, which was founded in 1935, has $140 million in corporate assets.  Miners Bank serves the needs of communities throughout Schuylkill and southern Luzerne County through local decision making and active community involvement by employees.  Member FDIC and Equal Housing Lender.  For more information, please visit www.theminersbank.com

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