First Capital Bancshares, Inc., parent company of First Capital Bank, announced today the completion of a private placement of shares of its common and non-voting preferred stock to accredited individual and institutional investors. Due to the high level of interest in the offering, the First Capital Bancshares board of directors elected to modify the original offering from $10 Million to $15.1 Million.
The private placement resulted in gross proceeds to the company of $15.1 million before deducting expenses. First Capital intends to use the proceeds from the private placement to support growth of the franchise in its South Carolina and North Carolina markets and for general corporate purposes.
Commenting on the capital raise, Harvey L. Glick, Chairman and CEO, said, “We are so pleased with the level of interest the community showed in our offering. Our team of talented bankers is ready to put the new capital to work knowing it will enhance our client services and shareholder value.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.
About First Capital Bancshares, Inc.
First Capital Bancshares, Inc. is a bank holding company headquartered in Charleston, South Carolina with assets of approximately $458 million as of June 30, 2022. Its principal activity is the ownership and operation of First Capital bank, a state-chartered community bank that operates four branches and one loan production office in South Carolina and North Carolina. For more information, please visit www.bankwithfirstcapital.com.
