Signature Bank of Georgia Completes $9.5M Capital Raise
Thursday, July 5th, 2018
Signature Bank of Georgia successfully completed a private placement of 13,533,240 shares at $0.70 per share for gross proceeds of $9.5 million. The offering was oversubscribed by nearly $2 million. The bank intends to use the net proceeds in supporting organic loan growth; to pursue increased market share; to attract new talent with strong books of business resulting from the unusual market disruption caused by the sale of nine community banks in the Atlanta MSA since the beginning of 2017; and general corporate purposes.
Allen Brock, chairman of the board of Signature Bank, said, "The new capital will allow Signature Bank to better serve its community in Sandy Springs and throughout the Atlanta MSA."
Freddie Deutsch, president and chief executive officer of Signature Bank of Georgia, said, "We are very pleased to announce the successful completion of our common stock offering. We believe our bank is well-positioned to take advantage of the unusual market disruption due to the sale of nine community banks in the Atlanta MSA since 2017. The new capital will allow us to execute our strategy and grow the balance sheet. The success of the offering is a vote of confidence in our strategy, and we look forward to creating additional value for all of our shareholders."
Hovde Group LLC acted as Sole Placement Agent in the Offering. James-Bates-Brannan-Groover-LLP served as legal advisor for Signature Bank.