Castle Creek Capital has applied for approval to raise its ownership stake in Guaranty Bancorp (Nasdaq:GBNK) from 5% to 19.9 percent.
Guaranty Bancorp (Nasdaq:GBNK) today announced that Castle Creek Capital Partners III, LP (“Castle Creek Fund”), which currently owns approximately 5% of the Company’s common stock, has applied to the Board of Governors of the Federal Reserve System (“Federal Reserve”) for approval to acquire up to 19.9% ownership of the Company (after taking account of previous purchases). John Eggemeyer, the Company’s Chairman of the Board, owns a controlling interest in the Castle Creek Fund. Mr. Eggemeyer currently beneficially owns 6.2% of the Company’s common stock, which includes the shares of common stock owned by the Castle Creek Fund.
The Castle Creek Fund is presently considering, and has discussed with Company management, a possible acquisition of additional shares of Common Stock by the Castle Creek Fund, either directly from the Company, in market transactions, or both. The Company understands that the Castle Creek Fund’s continuing interest in such an acquisition will depend on a number of factors, including market conditions, the financial and other circumstances of the Company, regulatory and capital considerations and developments, and other matters. Any acquisition by the Castle Creek Fund or any of its affiliates of additional shares of common stock directly from the Company would be subject to the receipt of approval from the Federal Reserve and the preparation and negotiation of mutually satisfactory definitive agreements.
About Guaranty Bancorp
Guaranty Bancorp is a bank holding company that operates 34 branches in Colorado through a single bank, Guaranty Bank and Trust Company. The bank provides banking and other financial services including real estate, construction, commercial and industrial, energy, consumer and agricultural loans throughout its targeted Colorado markets to consumers and small to medium-sized businesses, including the owners and employees of those businesses. The bank also provides trust services, including personal trust administration, estate settlement, investment management accounts and self-directed IRAs. More information about Guaranty Bancorp can be found at www.gbnk.com.