Key Developments: SouthCrest Financial Group Inc (SCSG.PK)

SCSG.PK on OTC Markets Group

14 Apr 2014
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Latest Key Developments (Source: Significant Developments)

SouthCrest Financial Group Inc Completes Capital Raise
Tuesday, 22 Jan 2013 08:01am EST 

SouthCrest Financial Group Inc announced that the Company has closed a preferred equity offering of over $5.3 million. Approximately $1.3 million of the capital was issued in 2013.These funds have been used to eliminate holding company debt and were a component of the strategic troubled asset sale the Company completed in September 2012.Future uses of the funds include providing the capital base for organic growth. The investors purchased convertible preferred stock at $5.75 share with a 6.5% non-cumulative dividend. The preferred shares are convertible to common at a 1:1 ratio. FIG Partners LLC acted as a financial advisor to SouthCrest with regards to the capital raise.  Full Article

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