Alabama de novo raises $48M in initial capital

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Organizers of CommerceOne Bank in Birmingham, Ala., have raised $48.1 million in initial capital, putting them on pace to open in June.

The group announced plans to form the de novo in December. The initial raise was more than double the $20 million that bank organizers are typically required to raise.

Kenneth Till, a former chief financial officer at First Partners Bank in Birmingham, is the proposed bank’s CEO. First Partners sold itself to Progress Bank last year.

CommerceOne, which aims to be Alabama's first new bank since Generations Bank opened in 2008, plans to focus on commercial and private banking clients.

“We are thrilled with the overwhelming response to the CommerceOne stock offering,” Till said in a press release. “Our successful capital raise is a direct result of the tireless efforts of our bankers and organizers, and the market’s recognition of our commitment to deliver exceptional service to our clients and value to our shareholders.”

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