Knoxville, Tenn.-based Mountain Commerce Bancorp Inc. completed a $20 million private placement of common stock on Dec. 29, 2016.
According to a letter to shareholders, the company issued 1,666,667 shares at $12 per share. Bank President and CEO William Edwards III said in the letter that the proceeds will be used to "support growth initiatives."
The company is also planning to list its shares on the OTCQX bank market.
Raymond James & Associates Inc. acted as placement agent for the company, while Bass Berry & Sims PLC served as legal adviser for the transaction.