$20 Million Minimum Reached
Chattanooga, TN - July 10, 2006 - R. Craig Holley, President and CEO of CapitalMark Bank & Trust (in organization), announced today that in less than two months the bank has exceeded its $20 million minimum private placement of common stock.
That figure represents more than 2,000,000 in stock shares subscribed and exceeds the minimum capital offering set by the organizers in the approved offering circular. The circular sets the maximum offering of $25 million and the organizers will continue to sell shares until the $25 million maximum is reached.
The stock is being offered at $10.00 per share with a 1000 share minimum purchase required. Charter investors will receive a warrant to purchase one share of the bank’s common stock for each five shares of stock the subscriber purchases in the initial offering. The warrant will permit subscribers to buy 20% more stock in the next three years at the current offering price of $10.00 no matter how high the stock price moves.
“We are extremely pleased with the level of success achieved in such a short period of time and will continue seeking investments to reach our maximum offering within the next few weeks,” said Holley. “Our research and collective experience indicated a need for a locally-owned and managed bank that offers a closer relationship with clients. We plan to build an organization that offers big bank technology with small bank delivery. We will invest our shareholders’ money in experienced, talented people and technology that enable us to provide value-added service and advice to clients.”
With the stock subscriptions now exceeding the stated minimum, organizers are moving ahead to file their application for state charter with the Tennessee Department of Financial Institutions and for insurance with the Federal Deposit Insurance Corporation (FDIC). Pending timing of regulatory approval, CapitalMark Bank & Trust (in organization) projects opening in the first quarter of 2007.
In addition to Holley, bank organizers and executive officers include Grady Williams, CPA; Joe Prebul, Prebul Auto Group; Charlie Brock, Foxmark Media; Harshad Shah, Hamilton Plastics; Patsy Hazlewood, BellSouth executive; Candy Kruesi, real estate developer and community volunteer; Jim Atkinson, Frontier Spinning Mills; Jim Vavalides, Chief Credit and Banking Services Executive; and Barry Rich, Chief Financial and Operations Executive.
About CapitalMark Bank & Trust (in organization)
The organizational office is located at Republic Centre, 633 Chestnut Street, Suite 640. Mailing address is CapitalMark Bank & Trust (in organization), P.O. Box 671, Chattanooga, TN 37401. For additional information or to purchase stock please contact R. Craig Holley at (423)756-7878. Offering Circular and subscription agreement are available at www.capitalmark.com.