Expanding Bank of Georgetown Raises More Than $25 Million
WASHINGTON, June 13, 2011 — Bank of Georgetown, a community bank chartered in Washington, D.C., today announced that it has completed a private offering of its common stock that raised more than $25 million in gross proceeds. The common stock was sold to investors at $15.00 per share, which was approximately 1.20x book value. The bank exceeded its $25 million target with investments from local shareholders as well as several new institutional investors.
“We are thrilled to have exceeded our target capital raise goal of $25 million, and appreciate the support of our new and existing shareholders,” said Bank of Georgetown Chairman of the Board Curtin Winsor III.
Commerce Street Capital acted as placement agent in the offering. Commerce Street Capital is affiliated with Commerce Street Financial Partners LP, a private equity fund that has had a minority investment in Bank of Georgetown since 2009, and purchased additional shares in the offering.
“We are delighted with the results of this new equity offering. We are especially excited about our strategic expansion in Northern Virginia with the addition of high-quality teams and locations,” said Bank of Georgetown President and CEO Michael Fitzgerald.
Earlier this year, Bank of Georgetown announced the addition of a new business development team and the anticipated opening of a new Tysons Corner office and branch, planned for later this summer.
This expansion follows the hiring of a business development and lending team in the fourth quarter of 2010, the opening of its eighth branch, located on U Street in the District in January, and the opening of a Centreville, Va., business development office in May. Included in the new hires are Frank Grace, III, area president for Northern Virginia, and Richard Bernardi, senior vice president and commercial real estate manager.
This is Bank of Georgetown’s fourth successful equity raise since its opening in 2005. The bank’s total capital currently stands at $72 million. In 2010, its total assets increased by 22 percent and grew by 7 percent to $500 million in the first quarter of 2011.
About Bank of Georgetown
Bank of Georgetown is a Washington, D.C.-chartered community bank with branches in Georgetown, Friendship Heights, Penn Quarter, at Connecticut and L, at Franklin Square, U Street, in the Courthouse area of Arlington and Tysons Corner in Virginia, and in Bethesda, Md. The bank specializes in helping local organizations with their banking needs by delivering competitive loan, deposit and cash management products and services. All Bank of Georgetown associates are experienced banking professionals dedicated to premier customer service. Founded in 2005 by Chairman Curtin Winsor III and President and CEO Michael Fitzgerald, Bank of Georgetown offers unique customer-focused and technologically advanced services in order to maximize the relationship banking experience for its clients. More information about the bank is available at www.bankofgeorgetown.com.
Contact: Alexsander Remorenko at Bank of Georgetown, 202-355-1200, email@example.com