Well-known bank investor to buy big stake in Sevier County Bancshares
A well-known community bank investor has infused capital into Sevier County Bancshares in Sevierville, Tenn.
Ken Lehman, a former bank lawyer who has large stakes in a number of banks, agreed to buy 40% of the $301 million-asset company's outstanding common stock. The company said in a press release Saturday that it plans to sell another 2.6 million shares of stock to accredited investors.
Sevier County Bancshares said the sales will bring in $13 million in capital.
“The board ... and I are humbly grateful to attract an investor of Ken's background and reputation for this final step to recovery," Bobby Stoffle, Sevier County Bancshares' president and CEO, said in the release. "It is a testament to the loyalty and commitment of our SCB employees and customers for us to reach this milestone.”
The company also tapped John Presley, a veteran banker who has worked with Lehman on other bank recapitalizations, as its executive chairman.
Sevier County Bancshares has six branches.