First Menasha Bancshares, Inc. (OTCQB: FMBJ) (the “Company” or “First Menasha”), the bank holding company for The First National Bank-Fox Valley, announced today that it has closed on the sale of approximately $16.3 million of the Company’s common stock in a private offering (the “Transaction”). Shares of First Menasha’s common stock were sold at a price of $68.65 per share. Pending regulatory review, First Menasha expects to close on the sale of an additional $2.1 million of its common stock in the second quarter of 2015. The aggregate net proceeds to the Company from both closings are expected to be approximately $17.2 million. The Company plans to employ the capital to support the organization’s growth and expansion and, subject to regulatory approval, to repurchase preferred stock previously issued in conjunction with the U.S. Department of Treasury’s Small Business Lending Fund program. Castle Creek Capital was the lead investor.
“This new capital will allow FNB Fox Valley to continue its growth trajectory and fulfill its mission to be the premier community bank in the Fox Valley of Wisconsin. As the largest privately held bank in the Fox Valley, we offer services on a broad and large scale to our communities. We are fortunate to operate in a dynamic and growing market where there exists strong demand for services delivered by local banks who maintain close ties with the community. In the new bank regulatory environment, greater size and scale are needed to effectively provide the services consumers expect. By providing us with this capital, our investors have given a vote of confidence to our market and FNB Fox Valley’s role in it as a valuable resource serving the businesses and people of our community,” said Peter Prickett, Chairman and President of First Menasha Bancshares, Inc.