PEACHTREE CITY, Ga.–(GLOBE NEWSWIRE)–Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG:PK) announced today that the company reported preliminary results for the third quarter of 2013, as well as the completion of the previously disclosed $17.5 million capital raise. On September 27th, SouthCrest funded investments with affiliates of Castle Creek Capital and other institutional investors that total $17.5 million in a mix of voting common and non-voting preferred securities at a price of $5.05 per share. “We are beyond enthusiastic about our partnership with Castle Creek Capital and our other new investors,” stated Mr. Maloy. “Their experience and involvement enables us to capitalize on our already building momentum and internal loan growth. We look forward to taking the fundamental dynamics we’ve developed into future growth opportunities in our Georgia and Alabama markets.”*
“The influx of this new capital enhances the Company’s ability to help our customers thrive, empower our employees with training and technology, and continue to build value for our shareholders over time,” continued Mr. Maloy.
The Company intends to use the proceeds for general corporate purposes, including the potential redemption of the TARP preferred shares and other strategic initiatives.
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*The statement quoted above was made by an executive of a Castle Creek portfolio company.
The portfolio company executive has not received compensation for the above statement and this statement is solely his opinion and representative of his experience with Castle Creek. Other portfolio company executives may not necessarily share the same view. An executive in a Castle Creek portfolio company may have an incentive to make a statement that portrays Castle Creek in a positive light as a result of the executive's ongoing relationship with Castle Creek and any influence that Castle Creek may have or had over the governance of the portfolio company and the compensation of its executives. It should not be assumed that Castle Creek's investment in the referenced portfolio company has been or will ultimately be profitable.