The $2.9 billion-asset parent of FineMark National Bank
& Trust said in a press release Monday that it lined up buyers for 2.5
million shares of common stock.
Initial shares were sold on Friday to qualified institutional
buyers and accredited investors, while roughly 818,000 shares will be sold on July 15 to a
fund managed by Strategic Value Bank Partners.
"We are
very excited to complete this significant capital raise, which includes several
new investors," Joseph Catti, FineMark’s chairman and CEO, said in the
release. "We believe this will benefit our existing shareholders, clients,
associates and the communities we serve."
FineMark plans to
use the net proceeds for a variety of purposes that will include refinancing
existing debt and providing growth capital for its bank.
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