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First Bancshares of Texas closes $45M private placement

Midland, Texas-based First Bancshares of Texas Inc. closed a $45 million private placement of common stock.

The offering was oversubscribed; participants included affiliates of Castle Creek Capital LLC, Patriot Financial Partners LP and EJF Capital LLC.

First Bancshares CEO Kenneth Burgess Jr. said the capital raise "significantly" strengthened both the company's balance sheet and its board.

Piper Jaffray & Co. served as sole placement agent; Alston & Bird LLP was legal counsel.