Castle Creek Capital Partners IV has backed Continental Bank Holdings, a $540 million community bank headquartered in Plymouth Meeting, Pennsylvania. Continental Bank Holdings is Fund IV’s eleventh portfolio investment.
Continental Bank Holdings, Inc., the holding company for Continental Bank, announced that it has completed a private placement of shares of common stock and a new series of perpetual preferred stock.
Total gross proceeds from the offering were approximately $16.5 million. The shares were purchased by Castle Creek Capital Partners IV, L.P. and Greenhill Capital Partners III, L.P. and its affiliated funds. Keefe, Bruyette and Woods served as placement agent for the offering. The net proceeds from the offering will be used to further increase the bank’s capital position and for other general corporate purposes. H. Wayne Griest, president and chief executive officer, stated, “We are extremely pleased with the results of this offering. It is very gratifying to see the confidence and support shown by Castle Creek Capital Partners and Greenhill Capital Partners in our Board and management team, especially in the difficult climate for raising capital today.The proceeds will enable us to continue to strengthen our capital base and support our prudent growth with a continued focus on the level and quality of our earnings.The success of this offering will also enable us to better serve the growing list of communities we serve and further demonstrates our ongoing commitment to being the premier community bank in the Delaware Valley region with customer focused products and services.” Continental Bank Holdings, Inc., a $540 million community bank that was formed in September 2005 and is focused on providing customized banking solutions to individuals and businesses in its local markets. Continental Bank has branch locations in Bala Cynwyd, Blue Bell, Conshohocken, Devon, East Norriton, King of Prussia, Limerick, Plymouth Meeting, Roxborough, West Norriton and Shannondell at Valley Forge. To learn more about Continental Bank, its locations, products, services and people, please visit www.thecontinentalbank.com or call 1-800-705-5500.