Georgia Banking Co. in Atlanta and Climate First Bancorp in St. Petersburg, Fla., raised capital.
Georgia Banking said in a press release that it completed a $77.7 million private placement of primary and secondary shares, led by funds managed by affiliates of Fortress Investment Group. The company plans to use proceeds to support continued growth and “future strategic expansion opportunities.”
“We’re building a bank for growing companies across Georgia, and this raise reflects the strength of our model and the markets we serve,” Bartow Morgan Jr., Georgia Banking’s CEO, said in the release. “Support from nationally recognized investors, including Fortress, speaks to the opportunity in Atlanta as a place where people want to invest.”
Henchy Enden, a managing director at Fortress, joined the company’s board.
Climate First raised $67 million by issuing common and preferred stock. The company raised $18 million from preferred shares and another $49.5 million from common stock.