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ServisFirst Bancshares raises $30M in debt

Birmingham, Ala.-based ServisFirst Bancshares Inc. has sold the total amount of a $30 million debt offering, according to a Form D filed with the Securities and Exchange Commission on Nov. 17.

According to the form, 25 investors participated in the offering, with the first sale occurring Nov. 11. President and CEO Thomas Broughton III said the company will use the funding to refinance a $20 million debt raise from 2012, since the offering was within five years of maturity.

"We decided to upsize it a bit," he said in an interview. "Rates are attractive. We just thought it was a good time to take down a little bit of additional capital."

Broughton said the company sold the debt to institutional investors who are customers of the bank.

"They're people we know," he said. "It was pretty widely spread among both correspondent banks as well as insurance companies of the bank, and obviously qualified investors, as well."

ServisFirst Bancshares is the holding company of ServisFirst Bank and reported $6.7 billion in total assets as of Sept. 30.