CapitalMark Reaches $27 Million
Chattanooga, TN - July 17, 2006 - R. Craig Holley, President and CEO of CapitalMark Bank & Trust (in organization), announced today that the bank’s stock solicitation is now over-subscribed with orders received for more than 2.7 million shares.
This represents more than $27 million in capital and exceeds the maximum offered by the organizers in the approved offering circular.
“We started this process just two months ago and the response from the community has been overwhelming,” said Holley. “We believe the success of our offering validates our vision of building a locally-owned and managed bank that offers a closer relationship with clients.”
Any subscribers not included in the initial $25 million maximum offering will be placed on a waiting list and will have the first opportunity to purchase stock if any becomes available prior to the opening of the bank.
In other news Holley reports that CapitalMark Bank & Trust (in organization) has signed a letter of intent to lease the former Pioneer Bank main office at 801 Broad Street. Plans call for extensive renovations of the first floor space that will serve as the bank’s main office. CapitalMark Bank & Trust (in organization) plans to begin operations in the first quarter of 2007.
About CapitalMark Bank & Trust (in organization)
The organizational office is located at the Republic Centre, 633 Chestnut Street, Suite 640. Mailing address is CapitalMark Bank & Trust (in organization), P.O. Box 671, Chattanooga, TN 37401. 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. For additional information, please contact R. Craig Holley at (423) 756-7878. Offering Circular and subscription agreement are available at www.capitalmark.com.