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Marketplace

Tri-County Financial Group completes stock offering

Tri-County Financial Group Inc., the parent company of First State Bank, recently reported the successful completion of a private placement of common and preferred stock yielding gross proceeds of $20,000,033.

The offering includes the issuance of 95,564 common shares at $35.52 per share and preferred stock that is convertible following certain permitted transfers into 467,500 shares of common stock at $35.52 per share. An affiliate of Castle Creek Capital is the sole investor in the offering. The company intends to use the proceeds from the offering to support the growth of First State Bank.

“We believe the successful completion of this offering is a significant step forward for our company, providing the capital we need to continue our growth," President and CEO Timothy J. McConville said in a news release. "Additionally, we are excited to work with Castle Creek, a well-respected community bank investor.”

Raymond James & Associates acted as placement agent for Tri-County in connection with the offering. Howard & Howard acted as legal counsel to Tri-County. Barack, Ferrazzano, Kirschbaum & Nagelberg LLP acted as legal counsel to the placement agent.

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