BayFirst Financial in St. Petersburg, Fla., has a new investor and new leadership.
The $1.2 billion-asset company said in a press release that it raised $80 million in a private investment of convertible preferred stock.
BayFirst also announced that Alfred Rogers had become president and CEO of its bank and will also assume those roles at the company once approved by regulators. Rogers, who recently served as chief lending officer at USAmeribank, succeeded Tom Zernick, who retired.
Rogers and veteran bank investor Ken Lehman will join the company’s board, pending regulatory approval.
Additionally, BayFirst reported a $5.7 million net loss in the first quarter, compared to a $2.5 million net loss a quarter earlier.
“Today we announce a substantial recapitalization,” Chairman Anthony Saravanos said in the release. “This successful capital raise reflects the trust our investors place in our institution and our long-term strategic direction. … The board of directors believes that Al’s experience and leadership, combined with this capital raise, will lead BayFirst back to profitability and growth.”