Standard Bancshares in Hickory Hills, Ill., has completed a capital raise from private-equity firms and named two directors.
A $138 million infusion allowed Standard to redeem the stock it issued to the Treasury Department under the Troubled Asset Relief Program, the company said Tuesday. The Treasury sold its $60 million stake in Standard to a consortium of private-equity firms on Feb. 22, according to the agency's website.
The private-equity consortium that invested in Standard includes Stone Point Capital and entities managed by Pantheon Ventures, Cohesive Capital Partners, W Capital Partners, Constellation Wealth Advisors and Athena Capital Advisors.
The new cash may free Standard, whose banking subsidiary is Standard Bank and Trust, to pursue M&A deals. The $2.2 billion-asset company said it will use the capital to meet the needs of its customers and to "take advantage of anticipated growth opportunities in the consolidating Midwestern banking market," President and Chief Executive Lawrence Kelley said in the press release.
Standard also named Robert Rosholt and Allen Koranda to its board of directors. Roshalt, a chief financial officer at the former First Chicago and Bank One, will become lead independent director. Koranda was chairman and CEO of the former MAF Bancorp, which was the holding company for MidAmerica Bank.
River Branch Capital, Stifel Nicolaus and Kirkland & Ellis advised Standard on the recapitalization.