Small is beautiful is one of the right expressions to be given to Bank Sulut which is recently done bond issuance successfully with satisfactory result. The success of the issuance of this bond IV indicates that the trust level of national public is rapidly growing not only in the home base region of Bank Sulut. In other words, Bank Sulut is no longer own by the government and people of North Sulawesi and Gorontalo but has owned by the national people. Bank Sulut as one of the regional banks who are successfully doing the Bond issuance in the early of 2010. This is considered as one step ahead compared to other Regional Development Banks. Doing bond issuance at this time is not such an easy thing. Main requirement owned by Bank Sulut before doing the bond was the ability of the bank in keeping its health for 2 years in a row based on the appraisal of Bank Indonesia. Another important requirement and must be fulfilled is absolutely the requirements from kantor Badan Pengawas Pasar Modal Lembaga Keuangan (Bapepam-LK). Basically, bond issuance is not quite different with share issuance. The difference of both rely on bond is a debt note that has to be returned in a certain period while share is an equity participation that can only be switched through the buying and selling process at the capital market. Why does it have to be IPO share? IPO share is the activity of the company in searching for the additional fund including capital via Capital Market through the way of doing share issuing or share selling to the whole public (go public). This selling share/stock activity done by the company to the public based on the procedure organized by the capital market regulation and the implementation regulation. For Bank Sulut, this method is one of the solutions to faster the capital strengthening especially in supporting bank’s business plan and also to anticipate risk in order the CAR is above the regulation determined by BI (8%). Besides that, benefit obtained by IPO is to strengthen capital structure of bank (Tier 1/ Core Capital) and by changing status become Public company (Tbk) then access to the money market and publishing debt notes will be easier because of the market trust. Bank will also obtain new funding source with a cheap Cost of Fund. From the side of corporate image, it will also boost as it is frequently published in the market and automatically will give competitive advantage in business development. By looking at the Bank of North Sulawesi capital development during the last 10 years which in 2000 amounted to Rp. 52 M and in 2009 amounted to Rp. 151 M then if the average capital growth only Rp.9.9 M / year derived from shareholders. Compare with asset growth from 2000 amounted to Rp.445 M and in 2009 amounted to Rp.3.337 M, than average asset growth as big as Rp.289M/tahun. Who can become the object of the sale of IPO shares? The first target sale of IPO shares offered to existing shareholders, both offered to local governments in North Sulawesi and Gorontalo, who have not become the shareholder yet, the third offered to the public. The amount of shares to be sold through the capital markets certainly have to follow the terms and conditions apply, among others, a percentage of capital base and of course after getting approval from the GMS. This step is not without consequence. Being a public company means everything going full disclosure and transparency, there has been dilution of the old shareholders, but with the increase in the number of paid-in capital, dividends received will not experience a reduction and value shares of the old shareholders increase because have been revalued. There were changes in management style and has a responsibility to investors, so that several points of the articles of association must conform with the provisions Bappepam, capital markets and the JSE. by: Herry Oroh, SE, MM