Bank of Idaho Holding Company Announces Completion of $53.2 Million Common Stock Private Placement
Posted: 05/11/2022 |
Bank of Idaho Holding Co. (OTCQX:BOID, Financial) (the "Company"), the holding company for Bank of Idaho, today announced the completion of a $53.2 million private placement in aggregate principal amount of common stock equity to certain qualified institutional and accredited investors.
The Company will use the net proceeds of the equity offering to support the Company's strategic plan by enhancing capital for regulatory requirements, future hires, and expansion into markets complementary to its existing footprint.
"We're excited to share the excellent news about this successful offering for all Bank of Idaho stakeholders and the communities we serve," said Jeff Newgard, the President & CEO of Bank of Idaho said. "Our strategic plan is laser-focused on creating value for our shareholders - who can expect to see great things sprout from this opportunity."
MJC Partners, LLC, served as the exclusive placement agent for the offering and the exclusive financial advisor to BOID. Nelson Mullin served as legal counsel to the placement agent. Stinson LLP served as counsel to Bank of Idaho Holding Co.