Investment Banking - GBank Financial Holdings Inc.

Transactions | Banking

Client: GBank Financial Holdings Inc.
Industry: Banking
Transaction Type: Subordinated Notes
Role: Sole Placement Agent

GBank Financial Holdings Inc. Completes $6.5 Million
Subordinated Debt Offering

  • GBank Financial Holdings Inc. (OTCQX: GBFH) (the “Company”), a bank holding company with approximately $431.9 million in assets as of September 30, 2020, conducts business through its wholly-owned subsidiary, Bank of George (the “Bank”). Founded in 2007, the Bank operates two full-service commercial branches in Las Vegas, Nevada, with primary lending activities focused on engaging clients in Nevada, California, Utah, and Arizona. Additionally, the Bank conducts business nationally through its SBA lending activities and its BankCard Services partnership.
  • On December 30, 2020, the Company completed a private placement of $6.5 million aggregate principal amount of its 4.50% Fixed-to-Floating Rate Subordinated Notes due January 15, 2031 (the “Notes”) to various accredited investors (the “Offering”).
  • The Notes will bear an interest rate of 4.50% per year for the first five years and then will float at a rate of 423 basis points above the Three-Month Term SOFR. The Notes are callable without penalty after five years.
  • The Company intends to use the net proceeds from the Offering for general corporate purposes.
  • Boenning & Scattergood served as financial advisor to the Company and acted as the sole placement agent for the Offering.

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