Investment Banking - GBank Financial Holdings Inc.
Transactions | Banking
Client: GBank Financial Holdings Inc.
Transaction Type: Common Stock Offering
Role: Sole Placement Agent
GBank Financial Holdings Inc. Completes $18.5 Million Private Placement of Common Stock
- Headquartered in Las Vegas, Nevada, GBank Financial Holdings Inc. (“GBank”) is the holding company for Bank of George (the “Bank”). GBank had assets of $344.3 million, loans of $229.9 million, and deposits of $296.8 million as of December 31, 2019.
- Bank of George opened on September 24, 2007 as a full service, traditional, community bank focusing on business and professional clients in Southern Nevada, where it has two local branches and provides a high level of customized service.
- In 2019, Bank of George was named among S&P Global Market Intelligence’s top 100 U.S. community banks under $3 billion in assets for the fourth consecutive year, including ranking as high as #3 in 2018. For the year ended December 31, 2019, GBank had core ROAA and core ROAE of 1.86% and 14.02%, respectively.
- The offering closed on March 31, 2020. In total, GBank issued 3,005,796 shares and generated gross proceeds of $18.5 million through the offering.
- The capital infusion will be instrumental in building out the Bank’s commercial banking platform in Las Vegas and complementary communities, its nationwide SBA network and bank card division.
- Boenning served as the sole Placement Agent for GBank Financial Holdings Inc.