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Northpointe Bancshares completes $25M private placement of common shares

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Northpointe Bancshares completes $25M private placement of common shares

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.