Georgia Commerce Bank opens Peachtree Corners Branch
Georgia Commerce Bank, which just opened the doors at its new Peachtree Corners branch, has some good news.
Georgia Commerce Bancshares, Inc. announced today that it raised $25.5 million from existing shareholders and institutional investors. The funds will be used for organic growth, acquisition opportunities, and general corporate purposes. Investors paid $20.50 per share, or tangible book value, for their investment in the bank. This is the bank’s second capital raise in less than three years. The bank last raised capital in late 2010, when it brought in $21 million primarily to fund two acquisitions in 2011.
“The success of this offering is a reflection of the quality of our franchise and recognition of our strong financial performance over the last several years,” said Mark Tipton, CEO. “This new capital will support our continued organic growth and expansion into new markets in metro Atlanta. We are also pleased that through this offering, Georgia Commerce has attracted the interest and support of several highly respected institutional investors.”
Keefe, Bruyette, and Woods, Inc. served as lead placement agent for Georgia Commerce in the offering, and BSP Securities, LLC served as placement agent.
Georgia Commerce Bancshares is a $725 million asset bank holding company headquartered in Atlanta, Georgia and is the parent company of Georgia Commerce Bank. Founded in 2003, Georgia Commerce Bank provides full-service banking to the Greater Atlanta business community as well as the professional and executive market at seven branches located at Acworth, Buckhead, Cumberland, Johns Creek, Marietta, Peachtree Corners and Woodstock.