Polonia Bancorp Says Must Sell At Least 1.30M Shares

Polonia Bancorp, holding company for Polonia Bank, announced today that, based on the preliminary results of the subscription and community offering of Polonia Bancorp, Inc. (“new Polonia Bancorp” or the “Company”), the Company has not yet received orders for a sufficient number of shares to complete the offering. In order to consummate the offering, new Polonia Bancorp must sell a minimum of 1,301,563 shares. In order to complete the offering, the Board of Directors has determined to increase the maximum purchase limitations in the offering and offer those persons who subscribed for the initial maximum number of shares in the subscription and community offering the opportunity to increase their orders. New Polonia Bancorp will file a prospectus supplement with the Securities and Exchange Commission increasing the maximum purchase limitation from 37,500 shares to 5.0% of the shares sold in the offering (65,078 shares and 76,562 shares at the minimum and midpoint of the offering range, respectively). Following the receipt of any required regulatory approval, the Company may further increase the purchase limitation to 9.99% of the total number of shares to be sold in the offering, provided orders for stock exceeding 5% of the total offering shall not exceed 10% of the offering.