Triumph Bancshares of Germantown, Tenn., has sold 1.35 million shares to investors, raising roughly $12.2 million in fresh funds to help grow its bank.
The money will be used as “the engine for our management team’s five-year growth strategy,” said Hilliard Crews, Triumph’s chairman, the Memphis Business Journal reported Monday. The company opened its fifth branch in the Memphis area in February and recently began offering mobile and Internet banking services, the Memphis Business Journal said.
Since its founding in 2006, Triumph Bank has grown organically to $308 million in assets. For 2011, the bank had $241 million in net loans and leases and a net operating income of $2.7 million, more than twice what it made in 2010, according to the Federal Deposit Insurance Corp.