CapitalMark Announces 3-for-2 Stock Split and a new Capital RAISE
Chattanooga, TN - October 23, 2008 - The Board of Directors of CapitalMark Bank & Trust has approved a three-for-two stock split with a record date of September 15, 2008. Shareholders of record will receive one additional share of CapitalMark stock for every two shares of common stock owned as of that date. The new shares resulting from the split will be distributed following the close of business on October 30, 2008.
In addition, the Board announced a capital raise of up to $30 million. "I cannot overemphasize that this decision is being made from a position of soundness and strength," said R. Craig Holley, Chairman, President and Chief Executive Officer. "Unlike many banks these days, CapitalMark does not need capital as a cushion for loan losses or because capital ratios are below regulatory minimums; we intend to use the proceeds to further invest in our unique business model, employing a strategy that has made us one of the top performing de novo banks in the nation."
CapitalMark ended the third quarter, 2008, with over $300 million in total assets in just 19 months of operation. The bank has experienced no loan losses since the bank opened and had no past due loans at the close of the third quarter.
The new capital offering consists of a maximum of 3,000,000 shares of common stock at a purchase price of $10.00 per share. The shares are first being offered to current shareholders, and then if all the offered shares have not been purchased, the remaining shares will be made available to other investors. Individuals interested in purchasing stock should contact Kenny Dyer or Ryan Murphy at (423) 756-7878 to obtain an Offering Memorandum.
"Since our opening in March, 2007, we have received numerous calls from individuals wanting to purchase CapitalMark stock," said Holley, "we are pleased to make these additional shares available so others can consider an investment in our bank."
About CapitalMark Bank & Trust
CapitalMark Bank & Trust offers a wide range of Banking, Trust and Wealth services to businesses and individuals. Founded March 5, 2007, CapitalMark has locations in Chattanooga and Knoxville. Additional information about CapitalMark and its full line of products and services can be found at www.capitalmark.com or call Emily Crisp, Client Communications Coordinator at (423) 386-2692.