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Sevier County Bancshares completes equity capital raise

Sevierville, Tenn.-based Sevier County Bancshares Inc. issued 2.6 million common shares at $5.00 per share to certain existing and new shareholders, effective Aug. 1.

The transaction included shares issued via a securities purchase agreement with Kenneth Lehman, a private investor, as well as a rights offering to existing accredited shareholders of the company and certain other designated accredited investors.

Lehman acquired 1,663,598 common shares for an aggregate purchase price of about $8.3 million. Other investors purchased an additional 936,402 shares for an aggregate purchase price of approximately $4.7 million.

Following the completion of the offering, Sevier County Bancshares has 4,068,334 common shares outstanding, according to a news release.

Performance Trust Capital Partners LLC, through its subsidiary BSP Securities LLC, served as sole placement agent for the offering. Luse Gorman PC and Butler Snow LLP acted as Sevier County Bancshares' legal counsel, while Crowe LLP served as the tax adviser.

Additionally, Sevier County Bancshares disclosed that John Presley has been formally appointed executive chairman of both the company and unit Sevier County Bank.