March 18, 2020 — Triad Business Bank, headquartered in Greensboro, North Carolina, has closed a $50 million common stock offering to support its launch.
The Bank has sold approximately 5,000,000 shares of common stock at $10.00 per share for gross offering proceeds of approximately $50 million. The Bank anticipates completing a second closing of up to an additional $5 million no later than April 29, 2020 for subscriptions received after the cut-off date for the initial closing.
The North Carolina Commissioner of Banks granted the Triad Business Bank approval to open for business and the Federal Deposit Insurance Corporation (FDIC) issued deposit insurance, each effective March 16, 2020.
“I want to thank the Triad business community, my board members and my talented team of bankers for their hard work in successfully organizing the Triad’s newest business bank,” said Ramsey K. Hamadi, Chief Executive Officer. “I believe it will be an economic stimulus and a blessing to the Triad for years to come.”
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