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Signature Bank of Georgia completes common stock offering

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Signature Bank of Georgia completes common stock offering

Signature Bank of Georgia completed a private placement of 13,533,240 common shares at 70 cents per share for gross proceeds of $9.5 million.

The offering was oversubscribed by nearly $2 million.

The Sandy Springs, Ga.-based bank plans to use the net proceeds from the offering in supporting organic loan growth, pursuing increased market share, attracting new talent with strong books of business resulting from the unusual market disruption caused by the sale of nine community banks in the Atlanta metropolitan statistical area since the beginning of 2017, and for general corporate purposes.

Hovde Group LLC acted as sole placement agent in the offering, while James Bates Brannan Groover LLP served as Signature Bank's legal adviser.