CapitalMark raises over $36.5 million in capital
Chattanooga, TN - September 18, 2006 - R. Craig Holley, President and CEO of CapitalMark Bank & Trust (In Organization) announced today that the bank’s stock solicitation is once again over-subscribed with orders received for more than 3.6 million shares.
This represents more than $36.5 million in capital and exceeds the maximum offered by the organizers in the Amended Offering Circular.
“Our research indicates that $36.5 million in capital is the largest amount raised by a new state-chartered bank in Tennessee”, said Holley. “This level of capital represents more than twice the national average raised by new banks and establishes a solid foundation for the future success of the bank”. “We plan to build an organization that offers big bank technology with small bank delivery,” said Holley. “We will invest our shareholders’ money in experienced, talented bankers and technology that enable us to provide value-added service and advice to clients.”
“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,” said Jim Vavalides, Chief Credit Officer. “Many of the big banks are still very centralized in the setting of strategy and policies from a headquarters location, with very limited local flexibility and decreasing authority and creativity of local decision makers,” said Vavalides.
On August 16, the bank announced that the original offering of 2,500,000 shares was over-subscribed. The bank sought and received regulatory approval to re-open the offering for an additional one million shares. The additional capital will be used to support the Bank’s growth in its projected markets. Any subscribers not included in the $35 million maximum offering have been notified and will be placed on a waiting list. Subscribers on the waiting list will have the first opportunity to purchase stock if any becomes available prior to the bank opening.
In other news Holley reports that extensive renovations have begun at the bank’s main office located at 801 Broad Street and pending timing of regulatory approval, CapitalMark Bank & Trust projects opening 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; Barry Rich, Chief Financial and Operations Executive; and Ryan Murphy, Executive Vice President. For additional information, please contact R. Craig Holley at (423) 756-7878.