Waterford poised for cash infusion - Business First of Buffalo:

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But the Clarence-based bank must firsty merge with a formingbank company. So it has applieed to the State of New York Banking Department for permissiob to mergeinto , which at the same time has applied to the same regulatords for permission to be according to state Banking Department bulletins. The new bank will continuer to be known as WaterfordVillage Bank. Undert the pending agreement, all 220 currenft shareholders of Waterford Village Bank will be bought out byJasonb Aintabi, president of the U.S. arm of , a real estatre and financial servicesinvestment company.
Other named incorporators of VCH Bank: Andrew Berkowitz of Judah Bendayanof Quebec, Waterford CFO Kim Destro of East Amherst and Waterford president and CEO Orrihn Tobbe of Williamsville. Berkowitz and Bendayam are part of theJesta Group. Tobbe said the cash influx means the bank willbecomed “well-capitalized” and better able to servde its customers by offering more loans, includingg SBA loans. “We’ll be very well-capitalizexd and this allows us to continue on with our strategicfbusiness plan, which is to invesf in local businesses and residential mortgages,” Tobbr said. “It just giveas us a greater presence in the Western NewYork footprint.
” A letter detailing the anticipated changea was sent to shareholders last Tobbe said. The boared of the state banking department is expected to vote July 2 on the mergeer and shareholders also must approvethe change, he The deal could close in late July or early August, he said. Waterford officials, meanwhile, have submitted a similafr application tothe FDIC, Tobbe said. The bank’zs current assets were “less than $60 at the end of May, he He declined to give a specificc number.