Investment Banking - Premara Financial, Inc.

Transactions | Banking

Client: Premara Financial, Inc.
Industry: Banking
Transaction Type: Private Placement
Role: Sole Placement Agent

  • Headquartered in Charlotte, North Carolina, Premara Financial, Inc. (OTCQB: PARA) is the holding company of Carolina Premier Bank.
  • With $242 million in assets as of September 30, 2015, the bank serves the communities of Charlotte in North Carolina and Blacksburg, Rock Hill and Six Mile in South Carolina by offering a broad range of commercial and consumer banking services to small and medium-sized businesses, professionals and local residents.
  • Boenning served as the sole placement agent for Premara in the $8.5 million private placement of 1,214,285 shares of newly issued common stock at a price of $7.00 per share.
  • The offering featured two separate closings, with the first closing, representing 700,928 common shares, occurring on July 28 for gross proceeds of $4.9 million.  The second closing occurred on November 30, representing 513,357 common shares for gross proceeds of $3.6 million.
  • In connection with the offering, one individual investor will own approximately 24% of the Company’s outstanding stock on a pro forma basis and has received Federal Reserve Board approval for this investment.
  • The net proceeds of this raise are intended to be used to retire $6.2 million of non-cumulative perpetual preferred stock series A held by the U.S. Treasury through its Small Business Loan Fund (“SBLF”) and to support additional balance sheet growth.