First Capital Bancshares Announces Completion of $12 Million Private Placement

CHARLESTON, SC / ACCESSWIRE / May 16, 2024 / First Capital Bancshares, Inc. ("First Capital"), parent company of First Capital Bank (the "Bank"), announced today the completion of a private placement of shares of its common stock to accredited individual and institutional investors. Due to the high level of interest in the offering, the First Capital Bancshares board of directors elected to increase the size of the offering from the original offering size of $10 million.

Foto: Accesswire

The private placement resulted in gross proceeds to the company of $12 million before deducting expenses associated with the offering. First Capital intends to use the proceeds from the private placement to support the continued growth of its franchise, investment in the Bank and for general corporate purposes. All shares in the private placement were issued and sold at a price of $9.75 per share.

Commenting on the capital raise, Harvey L. Glick, Chairman and CEO, said, "We are so pleased with the level of investor interest in our latest stock offering, both from our existing shareholders and the community. Our team of talented bankers is ready to put this new capital to work, all with the goal of enhancing our client services and shareholder value."

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 First Capital Bancshares, Inc.

First Capital Bancshares, Inc. is a bank holding company headquartered in Charleston, South Carolina with consolidated assets of approximately $811 million as of March 31, 2024. Its principal activity is the ownership and operation of First Capital Bank, a state-chartered community bank headquartered in Charleston, South Carolina, that operates full-service bank locations in Charleston, Mount Pleasant, and Summerville, South Carolina, Laurinburg, North Carolina, and a new full-service bank location planned for Pinehurst, NC. For more information, please visit www.bankwithfirstcapital.com.