The net cash reserves of Goldfields Money "will not be sufficient" to finance growth plans, such as its rebranding and investment in digital capabilities, the board of the bank revealed on Friday.The directors of Goldfields Money shared this view in a Target's Statement in which they rebuffed the recent takeover offer of A$1.12 per share from Firstmac.If successful, the offer would be the entry point for Firstmac into the Australian banking sector as a fully-fledged deposit taking entity.The board of Goldfields is casting around for a rival offer - or at least an improved offer from Firstmac. The board said it "has been in discussions with various counterparties", with "no assurance such a proposal will be made."They also said the three largest shareholders in the bank, other than Firstmac, have confirmed they will not accept the offer at its current level. All directors will also not accept.An expert's report from Ernst & Young Transaction Advisory concluded the Firstmac offer was neither fair nor reasonable. E&Y put the fair value of Goldfields Money as being in a range from $1.27 to $1.39 per share.Shareholders of Goldfield at its recent annual meeting rejected the board's plan for change in name and branding to Bare Money.