Ben Franklin Financial Inc. closed a private placement of 600,000 common shares, pursuant to agreements with institutional investors and its directors and executive officers.
The Arlington Heights, Ill.-based company sold the stock at $7.50 per share, for $4.5 million in gross proceeds. It had disclosed in an earlier regulatory filing that subsidiary Ben Franklin Bank of Illinois was "less than adequately capitalized."
FIG Partners Inc. was placement agent for the offering.
