The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

FineMark in Fla. raises $83M through private placement

FineMark Holdings in Fort Myers, Fla., has raised $82.5 million from a private placement.


The $2.9 billion-asset parent of FineMark National Bank & Trust said in a press release Monday that it lined up buyers for 2.5 million shares of common stock.

Initial shares were sold on Friday to qualified institutional buyers and accredited investors, while roughly 818,000 shares will be sold on July 15 to a fund managed by Strategic Value Bank Partners.

“We are very excited to complete this significant capital raise, which includes several new investors,” Joseph Catti, FineMark‚Äôs chairman and CEO, said in the release. “We believe this will benefit our existing shareholders, clients, associates and the communities we serve.”

FineMark plans to use the net proceeds for a variety of purposes that will include refinancing existing debt and providing growth capital for its bank.

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