Investment Banking - CBT Financial Corp.

Transactions | Banking

Client: CBT Financial Corp.
Industry: Banking
Transaction Type: Private Placement
Role: Sole Placement Agent

  • Headquartered in Clearfield, Pennsylvania, CBT Financial Corp. (OTC Pink: CBTC) is the holding company of Clearfield Bank & Trust Company.
  • With $432 million in assets as of June 30, 2015, the bank operates twelve community offices throughout Blair, Centre, Clearfield and Huntingdon Counties and provides a full range of consumer and business banking services along with trust services and financial planning.
  • Boenning served as the sole placement agent for CBTC in a $11.7 million private placement of 450,000 shares of newly issued common stock at a price of $26.00 per share.
  • The placement was oversubscribed and included a mix of company executives, directors, existing shareholders as well as new individual accredited investors and marquee institutional investors.
  • The estimated $10.8 million in net proceeds will be used for general corporate purposes, including providing capital to the bank to support further growth of its operations, including the expansion of its lending and wealth management activities, to improve its branch network efficiency, and to redeem the remaining shares of the Series A Preferred Stock issued to the U.S. Department of the Treasury in connection with CBTC’s participation in the Small Business Lending Fund (SBLF) program.