Michigan bank raises $25 million in private placement
Northpointe Bancshares in Grand Rapids, Mich., has raised $25 million through a private placement.
The $1.6 billion-asset company said in a press release Tuesday that an affiliate of Castle Creek Capital was the investor. Castle Creek now owns about 27% of Northpointe's outstanding stock.
The company said it will use proceeds from the sale to support organic growth, among other things.
"The additional capital will allow Northpointe to support organic growth opportunities and continue to grow market share in our diversified business units while bringing value and innovation to the people we serve," Charles Williams, Northpointe's president and CEO, said in the release.
Sandler O’Neill served as the offering's placement agent.