Triad Business Bank, a Greensboro, N.C. de novo that opened last year, has raised $15 million in new capital.
The $267 million-asset bank said in a press release this week that it sold 1.5 million shares of stock on Aug. 3 for $10 each as part of an oversubscribed offering. A third of the shares were sold to the bank’s directors and executive officers.
Triad Business Bank raised $51 million in initial capital before opening.
The bank said the latest capital raise was 30 cents accretive to shareholders’ tangible book value.
“Triad Business Bank was formed with a vision to be a source of strength to the Triad’s business community,” CEO Ramsey Hamadi, said in the release.
“After two successful capital offerings … supported principally by private investors residing in the Triad, the bank is well positioned to deliver on this vision,” Hamadi said.
Following the close of the offering, the bank’s board and executive team beneficially own 23.5% of outstanding shares.
Proceeds will be used to support growth plans that include reaching $800 million of assets by the end of 2024.