FIG Has Raised More Than $4.2 Billion In Equity Capital In 130 Offerings
ATLANTA, June 12, 2018 — Studio Bank has announced that it received final regulatory approvals from the Tennessee Department of Financial Institutions (TDFI) and the Federal Deposit Insurance Corporation (FDIC) to open a new bank in Tennessee.
“We have reached the culmination of our efforts to launch a local bank for Nashville’s creators, and I have so much pride in what our team has accomplished,” said Aaron Dorn, Chairman, President, and CEO. “It is an extraordinary accomplishment to receive a vote of confidence from our regulators, particularly after the financial crisis.”
Upon receiving regulatory approvals, the Bank also closed its capital raise at over $46 million and was over-subscribed. Over 85 percent of the bank’s owners are local Nashville -area residents, and they contributed over $30 million of the total invested in the bank (including the initial seed-round investments). The balance of the capital offering was comprised of premier institutional community bank investors throughout the U.S.
“There are a lot Nashvillians celebrating today,” said Dorn. “The local enthusiasm and buy-in from Nashville business and community leaders during our capital raise was phenomenal. To plan, execute, and successfully raise over $30 million of our capital from right here in Nashville – and in only a few months – is an incredible accomplishment by our team. We are also honored to have a small, select group of world-class institutional investors in our ownership group.”
“FIG Partners played a critical advisory role in our formation process, helping our team develop an effective investment proposition and leading the institutional side of our capital raise,” said Dorn. “The FIG team of Greg Gersack, Lozan Alexandrov, Dan Flaherty, and Matt Veneri certainly delivered.”
FIG Partners served as the sole placement agent in the offering.
Since 2003, FIG has been the trusted advisor to community banks and investors. To learn more about FIG’s investment banking services, visit www.figpartners.com.