Midland, TX–(PRWeb)–First Bancshares of Texas, Inc. (FBT), the parent company of FirstCapital Bank of Texas, National Association (FirstCapital Bank), announced today the closing of a $45 million private placement of common stock to certain institutional and other accredited investors. The placement was oversubscribed. The proceeds from the placement will be used to facilitate strategic initiatives, support the company’s organic growth and market expansion activities, and for general corporate purposes.
The company placed common stock with accredited investors from the communities the bank serves as well as institutional investors that specialize in the banking sector. These institutional investors include affiliates of Castle Creek Capital LLC, Patriot Financial Partners, LP and EJF Capital LLC.
“The success of this capital raise reflects the strong historical performance of our bank over its nearly twenty year history,” said Ken L. Burgess, FBT’s CEO. “We have significantly strengthened our balance sheet and our team at the Board level to support the next stage of our company’s evolution.”
“This is a vote of confidence from the market in our strategic plans,” said Don E. Cosby, FBT’s President. “We now have the growth capital we need to continue providing first-class service to our customers, grow our bank in key markets, and passionately contribute to the communities we serve.”