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Fortis Financial raises $15M via Patriot Financial Partners III LP offering

Denver-based Fortis Financial Inc. completed a $15 million private placement of common equity to Patriot Financial Partners III LP.

The company plans to use the proceeds from the offering to assist continued organic growth by executing subsidiary Fortis Private Bank's private banking strategy in high-growth metropolitan markets, including Denver and Salt Lake City. It plans to target affluent and high-net-worth individuals.

Also, James Lynch, a managing partner at Patriot Financial Partners LP, will become a board member of Fortis Financial and Fortis Private Bank.

Shapiro Bieging Barber Otteson LLP served as Fortis Financial's legal counsel, while Sandler O'Neill & Partners LP served as placement agent to the company.