Jacksonville Bancorp (JAXB) in Florida has closed the sale of $5 million worth of common stock.
The $522 million-asset bank sold about 7.9 million shares to the public and 2.1 million shares to existing stockholders through a rights offering, it announced Monday. The shares were sold at 50 cents each, the same price as in a $50 million private placement that closed last year.
Hovde Group was the sales agent for the $5 million raise. The bank's stock was trading at just over 50 cents a share Monday morning.
"We are very pleased with the results of the public offering, and by the support from local investors and customers of the Jacksonville Bank, as well as the institutional investment community," said Don Glisson, chairman of the board, in the news release. "The success of this offering gives us positive momentum as we continue to strengthen our capital position and execute our strategic initiatives."
The private-equity firm CapGen Capital Group is the largest single investor in Jacksonville Bancorp. CapGen is controlled by Eugene Ludwig, former comptroller of the currency and the founder of consultancy Promontory Financial, who has also invested around $24 million of his own money in Jacksonville Bancorp.
Jacksonville Bancorp, which has eight Florida branches, has a Tier 1 leverage ratio of 9.19% and total risk-based capital of 13.67%.