Gateway Bank in Oakland, Calif., hired a new CEO and raised $15 million through a private placement of common stock.
The $178 million-asse bank said in a press release Arnold Grisham also become its president on Nov. 30. He previously served as chairman, president and CEO of, Tri Valley Ban which was sold in 2018.
Grisham also joined Gateway’s board.
The bank said it plans to use the capital to bolster regulatory capital ratios, support organic growth and further expansion into new markets. The bank did not disclose the investors, the amount of shares sold or the pricing.
“This new capital will be used to support organic growth opportunities in the markets we serve and expand the bank’s presence in adjacent new markets,” Timothy Chrisman, the bank’s chairman, said in the release.
Janney Montgomery Scott and Godfrey & Kahn advised the bank with the private placement.