Business Bancshares said Wednesday that it closed approximately $10 million in a private placement. The buyer was Castle Creek Capital Partners, which purchased 203,067 shares of common stock and 392,171 shares of non-voting common stock at $16.80 per share. The transaction was done on November 4, 2013. Business Bancshares is the parent of The Business Bank of St. Louis.
CLAYTON, Mo., Nov. 13, 2013 /PRNewswire/ — Business Bancshares, Inc. (“BBI”), parent of The Business Bank of St. Louis, announced today that on November 4, 2013 it raised approximately $10.0 million through a private placement of 203,067 shares of common stock and 392,171 shares of non-voting common stock at a price of $16.80 per share. The shares were purchased by Castle Creek Capital Partners V, L.P., managed by its general partner Castle Creek Capital V LLC (“Castle Creek”), a private equity investment manager headquartered in Rancho Santa Fe, California.
The net proceeds from the private placement will be used to further strengthen BBI’s capital position, and for other general corporate purposes, which may include reductions in BBI’s debt, capital to support growth and acquisition opportunities.
“We are very pleased with Castle Creek’s strong interest in our banking franchise and our commitment to the growth of St. Louis and its surrounding markets,” commented Larry M. Kirby, President and Chief Executive Officer of BBI. “This additional capital enhances our already strong capital levels and positions us well for future growth as our momentum continues to build. This is a tremendous expression of their confidence in the company and its future.”
Business Bancshares, Inc. is a single bank holding company and parent of The Business Bank of St. Louis. The Business Bank was founded in 2002 and operates a full service banking facility from its one location at 8000 Maryland Avenue in Clayton, Missouri. The focus of The Business Bank is to be the leading financial partner for successful St. Louis area businesses, entrepreneurs, and individuals requiring customized financial solutions.