Northpointe Bancshares Inc. completed a $25 million private placement of common stock at $43.00 per share.
The net proceeds were approximately $24.3 million, which the company intends to use to support its continued organic growth and for other general corporate purposes.
A Castle Creek Capital LLC affiliate was the investor in the offering.
Following the transaction, Castle Creek will own 9.9% of Northpointe's voting common stock and shares of Northpointe's new non-voting common stock. The investment results in Castle Creek owning about 27% of the outstanding equity of Northpointe.
Sandler O'Neill & Partners LP served as the sole placement agent for the private placement. Varnum LLP served as legal counsel to Northpointe and Holland & Knight LLP served as legal counsel to Sandler O'Neill & Partners.