ATLANTA, October 6, 2015 – Capital Commerce Bancorp, Inc., the parent company for Securant Bank & Trust, has completed a recapitalization transaction resulting in the issuance of $11.25 million of the Company’s common stock. This private placement included the participation of institutional and individual investors, as well as a number of directors, officers and existing shareholders.
The Company’s common stock was offered and sold for a per share price of $2.00. As part of the transaction, the Company retired obligations related to the formerly outstanding preferred stock held by the U.S. Department of the Treasury and the accumulated unpaid dividends. The Company also exchanged shares of common stock to retire substantially all of its outstanding debt obligations under certain capital notes.
FIG Partners served as Sole Placement Agent to Capital Commerce Bancorp, Inc. Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking, and Lozan Aleksandrov, Senior Vice President and Deputy Head of Capital Markets, were the lead bankers in this transaction.
David Davis, Securant Bank & Trust President and CEO, said, “This capital raise returns the Company and the Bank to positions of strength. We intend to reinvest this new capital to meet the financial needs of our individual and small business customers in the communities we serve, just as we have for more than 100 years. Our ability to attract professional investors from all over the country, as well as significant support from our existing shareholders, validates our strategy and business model, and is a huge testament to the tireless efforts of our dedicated staff and loyal customers during the past six years.”
The full release from Capital Commerce Bancorp, Inc. is available here.
To learn more about FIG Partners, visit www.figpartners.com.