The Bancorp in Wilmington, Del., disclosed the identities of directors nominated to its board by two investor groups.
John Eggemeyer, founder and managing principal of Castle Creek Capital Partners in Rancho Santa Fe, Calif., and Shivan Govindan, a managing member at Pilgrims & Indians Capital in Austin, Texas, were appointed directors of the $4.4 billion-asset company on Aug. 17. Eggemeyer and Govindan were also named directors of the company's subsidiary, The Bancorp Bank. The appointments require regulatory approval.
The two investment groups recently participated in a $74 million capital raise for The Bancorp. Each was given the right to appoint a director, provided each owns at least 4% of The Bancorp's outstanding common stock.
In the private placement, Pilgrims & Indians acquired about $11.9 million of common and mandatorily convertible preferred securities, according to a regulatory filing. The amount of Pilgrims & Indians' investment had not been previously disclosed. The Bancorp has not disclosed the amount of Castle Creek's investment.
The terms of the investments require shareholder approval and The Bancorp has scheduled a Sept. 29 special meeting to tally shareholder votes for the capital raise, according to a regulatory filing.