CapitalMark Calls for Payment of Stock Subscriptions
Chattanooga, TN - January 24, 2007 - R. Craig Holley, President and Chief Executive Officer of CapitalMark Bank & Trust (In Organization), announced that Bank Organizers have now received authorization from the Commissioner of the Tennessee Department of Financial Institutions to issue the call for payment of the $35 million in stock subscribed.
Upon receipt of the initial capital, the Bank Organizers will file the final application with the state and federal regulators for certificate of authority to open a banking business in Chattanooga.
“We started this process less than one year ago and the response from the community has been overwhelming,” said Holley. “The $35 million stock subscription is a new record for subscriptions for a Tennessee chartered bank and is supported by another $8 million of subscribers on a waiting list to purchase stock.”
“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.” Holley added. “We are pleased to have attracted a broad community base of support of more than 400 investors.”
With only one final step remaining in the process for organizing a Tennessee chartered bank, CapitalMark is on schedule for a first quarter, 2007, opening. The bank plans to open its first office in downtown Chattanooga at 801 Broad Street. In addition, the bank has received approval to open a drive-thru facility at the corner of Martin Luther King Blvd. and Pine Street.
About CapitalMark Bank & Trust (In Organization)
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.
On April 20, 2006, the Organizers of CapitalMark Bank & Trust (In Organization) received approval from the Tennessee Department of Financial Institutions to secure subscriptions for the bank’s stock. Stock solicitation to raise a minimum of $20 million and a maximum of $25 million in capital began in May, 2006. CapitalMark stock was offered at a purchase price of $10.00 per share with a minimum purchase requirement of 1000 shares. The stock was over-subscribed in record time and an amended offering was approved to raise $35 million. Organizers filed their applications for state charter, FDIC Insurance and membership in the Federal Reserve on September 7, 2006 and the application was accepted and charter granted on October 18, 2006. The bank received notice of authorization from the state commissioner on January 22, 2007, to issue the call for payment of the $35 million in stock subscriptions filed by more than 400 subscribers on record with CapitalMark Bank & Trust (In Organization). Upon receipt of the initial capital, the bank organizers will file the final application for the certificate of authority to open a banking business in Chattanooga, Tennessee.
About CapitalMark Bank & Trust
The organizational office is located at 801 Broad Street in downtown Chattanooga. Mailing address is CapitalMark Bank & Trust (In Organization), P.O. Box 671, Chattanooga, TN 37401. Additional information is available by contacting R. Craig Holley at (423) 756-7878 or by visiting the bank website at www.capitalmark.com.