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Grasshopper Bancorp opens new bank unit after $116M private placement

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Grasshopper Bancorp opens new bank unit after $116M private placement

New York-based Grasshopper Bancorp Inc. completed its $116.2 million private placement and has received all regulatory approvals to open its newly chartered Grasshopper Bank NA.

Grasshopper Bank is the first bank chartered by the Office of the Comptroller of the Currency in the Northeast in more than 10 years, the company said, adding that in addition to an earlier $15 million seed round, the bank has raised more than $131 million for its startup.

Lead investors included Patriot Financial Partners III LP, Endeavour Capital Advisors Inc., Hamilton Lane Advisors LLC on behalf of the New York State Common Retirement Fund, funds managed and advised by FJ Capital Management LLC and funds and accounts advised by T. Rowe Price Associates Inc.

Grasshopper Bank will focus on serving the innovation economy and its venture capital backers, the bank said, adding that it opened for business on May 13 to a select group in these communities. It will roll out its broader services in the coming months.

Keefe Bruyette & Woods, A Stifel Company and Seapower Carpenter Capital Inc. served as co-placement agents for the offering and financial advisers to Grasshopper, while Kilpatrick Townsend & Stockton LLP served as legal counsel in connection with the bank charter and the offering. Squire Patton Boggs (US) LLP acted as legal counsel for Keefe Bruyette & Woods as placement agent.