GRAND RAPIDS — Northpointe Bancshare Inc. raised $25 million in capital through a private placement of common stock with Castle Creek Capital LLC, a private equity firm based in Rancho Santa Fe, Calif., north of San Diego.
The Grand Rapids-based parent company of Northpointe Bank plans to use proceeds from the capital raise to support further growth and “other general corporate purposes,” the company said.
Castle Creek owns 27 percent of the outstanding equity of Northpointe.
“Castle Creek is a sophisticated and experienced investor with a long history of bringing value to community banks like Northpointe. We are excited about the expertise they bring to our company, and their investment is a validation of Northpointe’s strengths, strategies, values, and opportunities,” Northpointe President and CEO Charles Williams said in a statement. “The additional capital will allow Northpointe to support organic growth opportunities and continue to grow market share in our diversified business units while bringing value and innovation to the people we serve.”