Georgia Commerce Bancshares raised $25.5 million to fund potential acquisitions around Atlanta.
The $725 million-asset company said it sold shares at $20.50 each, equal to tangible book value. The Atlanta company raised the capital from new and existing investors, including a new institutional investor, FJ Capital Management of McLean, Va. None of the investors was given a board seat, says Mark Tipton, chairman and chief executive.
Georgia Commerce will use the proceeds to pursue whole-bank acquisitions or loss-share deals for failed banks with the Federal Deposit Insurance Corp., Tipton says. Georgia Commerce bought two failed banks in September, Patriot Bank of Georgia in Cumming and CreekSide Bank in Woodstock.