South Carolina de novo looks to raise up to $34 million

Organizers of Beacon Community Bank in Charleston, S.C., plan to raise up to $34 million in initial capital.

The proposed bank would sell 2.2 million to 3.4 million shares of stock for $10 each as part of a private placement, organizers disclosed in a highly redacted application with the Federal Deposit Insurance Corp.

Many details, including the bank’s business plan, planned branch locations and expected opening date, were not publicly disclosed.

Beacon would have 13 directors, including proposed CEO Brooks Melton. Other directors would include Tommy Baker, a former director at Southcoast Community Bank; Paul Campbell Jr., a South Carolina state senator; and retired Maj. Gen. James Livingston.

Beacon’s management team is made up of former community bankers, including Melton, who previously served as a market executive at CommunityOne Bancorp, which was recently bought by Capital Bank Financial in Charlotte, N.C. Two other executives worked at Southcoast, which was sold to BNC Bancorp in High Point, N.C.

Melton said in a recent interview that the bank would follow a traditional community bank strategy, focusing on small businesses, entrepreneurs, real estate developers and retail customers that value a local institution.