ATLANTA, Jan. 6, 2016 — Community 1st Bancorp (OTCBB: CFBN) has placed $5 million in subordinated notes and completed the reorganizations of the holding company and its wholly owned subsidiary, Community 1st Bank.
The reorganizations were executed through a share exchange, and shareholders received one share of common stock of Bancorp for each share of the Bank’s stock.
The subordinated notes were issued on Dec. 31, 2015 and the proceeds were invested in the Bank.
FIG Partners served as Sole Placement Agent to Community 1st Bancorp. The FIG Partners team included Greg Gersack, Managing Principal and Co-Head of Investment Banking, and Patrick Nicolini, Senior Vice President.
Headquartered in Auburn, California, Bancorp is a new corporation, organized for the sole purpose of forming a bank holding company. Its principal executive officers and directors will be the same as those of the Bank.
“The successful completion of our subordinated note issuance will increase capacity for continued balance sheet growth at the Bank,” said James J. Kim, Bancorp’s CEO and President. “Community 1st Bank can now maintain its great momentum in the marketplace and continue to grow core deposits and loans. We thank FIG Partners and Daniel Eng for the smooth and timely execution of this transaction.”
Daniel B. Eng of Weintraub Tobin served as legal counsel.
More information is available here.
To learn more about FIG Partners, please visit www.figpartners.com.