Post Oak Bank in Houston is looking to raise roughly $20 million through a stock sale and could use at least a portion of the proceeds to make its first-ever acquisition.
The 8-year-old bank is offering shares at $10 each and has already raised $17.6 million from 202 investors, the Houston Business Journal reported Wednesday. In an interview with the newspaper, President and Chief Executive Roland Williams said that the added capital gives the $580 million-asset Post Oak the flexibility to build branches, invest in new loans and perhaps make an acquisition or two.
"We feel like there's a number of banks in our market that perhaps at some point would be interested in joining up," he said. Post Oak has six offices in and around Houston, according to the Federal Deposit Insurance Corp. It reported a profit of $1.3 million in the quarter that ended March 31, an 85% increase from the same period last year.