DURANT, OK – Spend Life Wisely Company, Inc., a leading purpose based financial institution, announced today that it has completed a private placement of approximately $80.5 million of common stock, representing 6.5% of the outstanding shares of the Company, from investment funds affiliated with Castle Creek Capital, an institutional investor specializing in the community bank sector. Proceeds from the private placement will be used to facilitate strategic priorities and support the Company’s organic growth initiatives in its core markets.
Greg L. Massey, President and CEO stated “Our employees, customers, communities, innovation plans, and growth is generating an energy that is exciting to be a part of. This new partnership will enable us to meet the needs of that energy and generate endless potential.”
Spend Life Wisely is the parent company of First United Bank and Trust Company, headquartered in Durant, Oklahoma. It is one of the largest, well-capitalized banking organizations in the Southwest and it is among the largest privately held community banking organizations in the United States. At December 31, 2021, the Company had approximately $12.5 billion in assets and 85 bank, mortgage and insurance locations throughout Oklahoma and Texas.
McAfee & Taft, P.C. served as legal advisor to the Company, D.A. Davidson & Co. as placement agent and Barack Ferrazzano Kirschbaum & Nagelberg LLP as placement agent counsel, on the transaction.