Alpine Banks of Colo. raises $34M in private placement

Alpine Banks of Colorado in Glenwood Springs has raised $34 million through a private placement of common stock.

The $6.2 billion-asset company said in a press release that it sold nearly 1.2 million shares of Class B nonvoting stock at $28.50 each. Alpine Banks plans to use the proceeds for purposes that could include organic growth and enhancing regulatory ratios. 

“We feel the support for this offering, particularly in the current market environment, reflects Alpine’s strong performance and potential, which are driven by our dedicated employees, customers and communities,” Glen Jammaron, Alpine Banks of Colorado’s president and vice chairman, said in the release. 

D.A. Davidson was the financial adviser and sole placement agent. Lewis Roca Rothgerber Christie provided the company with legal counsel, while Holland & Knight advised the placement agent.