United Western Bancorp Inc. in Denver is receiving capital from an unlikely source: the owner of a company it is buying.
The $2.2 billion-asset company announced Friday that it had entered into definitive agreements for $103 million, with $9 million coming from Henry "Ric" Duques, the controlling owner of Legent Group LLC, the parent of Legent Clearing LLC. In June United Western announced it had agreed to buy Legent Clearing.
In a brief interview, Michael J. McCloskey, United Western's executive vice president and chief operating officer, said there were no foreseeable problems with Duques' investment given the pending Legent deal. Duques would own 5% of the company from the $9 million investment and the $2.7 million in stock his company would receive as part of the Legent deal.
The private-equity firms Lovell Minnick Partners LLC and Oak Hill Capital Management LLC also have agreed to invest in United Western, $47 million apiece. All three investments are conditioned on the company's raising a total of $200 million in capital and completing the Legent acquisition.