Investment Banking - Grand River Commerce, Inc.
Transactions | Banking
Client: Grand River Commerce, Inc.
Transaction Type: Common Stock Offering
Role: Sole Placement Agent
- Grand River Commerce, Inc. (OTCQB: GNRV) is the holding company for Grandville, Michigan-based Grand River Bank.
- As of December 31, 2016, the company had $196 million in assets. The bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in Greater Grand Rapids.
- The company completed a private placement of 2,618,181 shares of newly issued common stock at a price of $5.50 per share.
- Grand River Commerce generated gross proceeds of $14.4 million from the offering.
- The company intends to use the net proceeds of the offering to help implement its growth strategy. Chairman and CEO Robert Bilotti said, “We see substantial opportunities going forward to continue to expand our balance sheet, leverage our existing infrastructure and enhance profitability in the years ahead. We are humbled by the positive feedback received from investors throughout the process and are very excited about the support demonstrated by both our existing shareholders and the high quality new partners we have added.”
- The offering was sold to a broad group of local accredited, high net worth retail and institutional investors.
- Boenning acted as sole placement agent in connection with the offering.