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Investor group to buy stake in Georgia-based First Citizens Financial recapitalization

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Investor group to buy stake in Georgia-based First Citizens Financial recapitalization

Ohio-based StrategicValue Investors LP is buying 4,248,480 common shares of Dawsonville, Ga.-based througha private placement in connection with the company's recapitalization.

First CitizensFinancial controls Foothills CommunityBank.

Foothills had a common equity Tier 1 ratio of 2.56% and an adjustedTexas ratio of 343% as of Dec. 31, 2015, according to SNL data.

According toan interagency notice of change in control obtained by S&P Global Market Intelligence,the shares represent 19.20% of the total shares outstanding.

First CitizensFinancial has 50 million authorized voting shares, with 1,581,013 currently outstanding.

The subscriptionagreement between First Citizens Financial and Strategic include closing conditionson regulatory approval of the employment agreement between the company's unit andits president and CEO, John Lewis, and the right to nominate a director to the board.

The total purchaseprice for the shares will be $2.1 million.