The $4.1 billion-asset company said that Castle Creek Capital Partners IV and Endicott Opportunity Partners III collectively bought 2.8 million shares of stock for roughly $21.2 million, or $7.50 a share. The company announced the placement last week in a press release but did not reveal the names of the participating parties.
First Merchants plans to use the funds, along with $90.8 million from the Treasury Department's Small Business Lending Fund, to exit the Troubled Asset Relief Program. The company received $116 million of Tarp funds in February 2009.
Be the first to comment on this post using the section below.