Capital Commerce Bancorp in Milwaukee has raised more than $11 million through a private placement.
The parent of the $179 million-asset Securant Bank & Trust said in a press release Monday that it sold common stock at $2 a share to institutional and individual investors, with participation from a number of directors, officers and existing shareholders.
"This capital raise returns the company and the bank to positions of strength," David Davis, Capital Commerce's president and chief executive, said in the release. "We intend to reinvest this new capital to meet the financial needs of our individual and small business customers in the communities we serve."
Capital Commerce said it used some of the proceeds to redeem stock it issued the Treasury Department under the Troubled Asset Relief Program, along with paying all accumulated but unpaid dividends.
The company said it also exchanged common stock to retire "substantially all" outstanding debt obligations under certain capital notes in a move designed to preserve a "substantial majority" of its deferred-tax asset.
FIG Partners was the placement agent; Reinhart Boerner Van Deuren served as legal counsel.
