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Bank of the Carolinas Corp completes $45.8 million private placement


Wednesday, 16 Jul 2014 04:15pm EDT 

Bank of the Carolinas Corp:Completes private placement of 458,132,991 shares of newly issued common stock at price of 10 cents per share to institutional and accredited investors.Company intends to use proceeds of private placement to repurchase preferred stock and other obligations of company, and to restore its banking subsidiary to well-capitalized status.Company plans to use about $34.8 mln of proceeds from private placement to inject new capital into its bank subsidiary, Bank of Carolinas.After capital infusion, bank's regulatory leverage capital ratio is expected to be about 10 pct, which is considered well-capitalized.New capital will satisfy requirement of consent order issued by Federal Deposit Insurance Corporation and North Carolina Commissioner of Banks in 2011.In connection with private placement, Company plans to repurchase all of its Series A Cumulative Perpetual Preferred Stock issued through the Troubled Asset Relief Program (TARP) from U.S. Treasury.FIG Partners, LLC served as placement agent for transaction, and The Hutchison Company served as company's financial advisor.Wyrick Robbins Yates & Ponton LLP acted as legal counsel to Company, and Alston + Bird LLP acted as legal counsel to FIG Partners. 

Company Quote

0.8701
-0.0299 -3.32%
22 Aug 2014