First Bancshares of Texas, Inc. announces $45million private stock placement
Midland, Texas - First Bancshares of Texas, Inc. (FBT), the parent company of FirstCapital Bank of Texas, National Association (FirstCapital Bank), announced today the closing of a $45 million private placement of common stock to certain institutional
and other accredited investors. The placement was oversubscribed. The proceeds from the placement will be used to facilitate strategic initiatives, support the company's organic growth and market expansion activities, and for general corporate purposes.
The company placed common stock with accredited investors from the communities the bank serves as well as institutional investors that specialize in the banking sector. These institutional investors include affiliates of Castle Creek Capital LLC, Patriot Financial Partners, LP and EJF Capital LLC.
"The success of this capital raise reflects the strong historical performance of our bank over its nearly twenty year history," said Ken L. Burgess, FBT's CEO. "We have significantly strengthened our balance sheet and our team at the Board level to support
the next stage of our company's evolution."
"This is a vote of confidence from the market in our strategic plans," said Don E. Cosby, FBT's President. "We now have the growth capital we need to continue providing first-class service to our customers, grow our bank in key markets, and passionately contribute to the communities we serve."
The common shares sold in the private placement have not been registered under the Securities Act of 1933 or the securities laws of any other state or other jurisdiction and were issued pursuant to exemptions from registration.
Piper Jaffray & Co. served as the sole placement agent for the private placement. FBT was advised by the law firm of Alston & Bird LLP.
About First Bancshares of Texas
FBT is the holding company for FirstCapital Bank, an independent community bank with two offices in Amarillo, one in Lubbock, four in Midland and one each in Horseshoe Bay and Marble Falls, Texas. FirstCapital Bank was chartered in November 1998 and FBT was formed on February 1, 2002. FirstCapital Bank presently employs more than 200 team members across the markets it serves.