SouthCrest Financial Group Reports Closure of $17.5 Million Capital Raise

SouthCrest Financial Group Reports Closure of $17.5 Million Capital Raise

  • Posted: 10/24/2013
  • Castle Creek

PEACHTREE CITY, Ga.–(GLOBE NEWSWIRE)–Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG:PK) announced today that the company reported preliminary results for the third quarter of 2013, as well as the completion of the previously disclosed $17.5 million capital raise. On September 27th, SouthCrest funded investments with affiliates of Castle Creek Capital and other institutional investors that total $17.5 million in a mix of voting common and non-voting preferred securities at a price of $5.05 per share. “We are beyond enthusiastic about our partnership with Castle Creek Capital and our other new investors,” stated Mr. Maloy.  “Their experience and involvement enables us to capitalize on our already building momentum and internal loan growth. We look forward to taking the fundamental dynamics we’ve developed into future growth opportunities in our Georgia and Alabama markets.”

“The influx of this new capital enhances the Company’s ability to help our customers thrive, empower our employees with training and technology, and continue to build value for our shareholders over time,” continued Mr. Maloy.

The Company intends to use the proceeds for general corporate purposes, including the potential redemption of the TARP preferred shares and other strategic initiatives.

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