Investment Banking - Grand River
Transactions | Banking
Client: Grand River
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, 2014, the company had $130 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 2,367,508 shares of newly issued common stock at a price of $4.50 per share.
- GNRV generated gross proceeds of $10.7 million from the offering.
- The Grand Rapids economy is very strong and the company intends to use the net proceeds of the offering to help fully implement its growth strategy. Additionally, several locally-based community banks have recently sold or announced plans to sell, which management believes will create even greater opportunities for a well-capitalized community bank in their market.
- The offering was also structured to preserve a meaningful deferred tax asset in excess of $2.0 million.
- The offering was sold to a mixture of local accredited and marquee institutional investors.
- Boenning acted as sole placement agent in connection with the offering.