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HCSB Financial closes private placement

Loris, S.C.-based HCSB Financial Corp. closed its previously announcedprivate placement of359,468,443 shares of its common stock at 10 cents per share and 905,315.57 sharesof its series A preferredstock at $10.00 per share to Castle Creek Capital Partners VI LPand certain other institutional and accredited investors for gross proceeds ofapproximately $45 million, according to an April 11 news release.

The company used roughly $3 million of the gross proceeds torepurchase all of its outstanding series T preferred stock, trust preferred securitiesand subordinated debt notes, and about $38 million to recapitalize unitHorry County StateBank to support its operations and increase its capital ratios tolevels in excess of required regulatory levels.

Hovde Group LLC served as the exclusive placement agent forthe private placement and as financial adviser to the company and the bank.Nelson Mullins Riley & Scarborough LLP served as the company's legaladviser, while Sidley Austin LLP served as legal adviser to Castle Creek.

Jan Hollar was appointed as the CEO and a director of thecompany and the bank effective as of the closing of the private placement.