RALEIGH, N.C.--(BUSINESS WIRE)--Dogwood State Bank today announced the completion of a $28 million capital raise. This growth capital is intended to accelerate the buildout of the Bank’s statewide, North Carolina banking franchise.
“I am pleased to announce the successful completion of our capital raise,” commented Steve Jones, Chief Executive Officer. “In just over one week, the DSBX offering was more than 2.5 times oversubscribed based on the original offering amount. The demand for this investment opportunity was tremendous, and we are excited to welcome over 200 new shareholders to Dogwood State Bank. We continue to invest strategically in top talent across our footprint as well as build our infrastructure to deliver a best-in-class customer experience. The success of this stock offering further enhances our ability to capitalize on the many opportunities in front of us.”
The capital raise consisted of a private placement offering of 2.3 million shares of the Bank’s common stock at $12.00 per share to accredited investors.
Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Bank for the offering. The Bank did not use a placement agent for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.
About Dogwood State Bank
Dogwood State Bank is a North Carolina state-chartered community bank headquartered in Raleigh, North Carolina, with approximately $612 million in total assets. The Bank provides a wide range of banking products and services through its digital offerings and branch offices in Charlotte, Greenville, Morehead City, Raleigh, and Wilmington, North Carolina. The Bank also specializes in providing lending services to small businesses through its Dogwood State Bank Small Business Lending Division. For more information, visit DogwoodStateBank.com.
