Dogwood State raises $28M to increase throughout North Carolina

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Dogwood State Financial institution in Raleigh, N.C., has raised $28 million in new capital.

The $612 million-asset financial institution mentioned it accomplished a non-public placement to speed up the buildout of its statewide franchise. The financial institution offered 2.3 million shares of inventory at $12 every.

“In simply over one week, the … providing was greater than 2.5 occasions oversubscribed primarily based on the unique providing quantity,” Steve Jones, the financial institution’s CEO, mentioned in a press launch Tuesday. “The demand for this funding alternative was super, and we’re excited to welcome over 200 new shareholders to Dogwood State Financial institution.”

Dogwood plans to make use of the funds to rent extra lenders and make investments extra in its infrastructure.

The capital increase consisted of a non-public placement providing of two.3 million shares of the financial institution’s frequent inventory at $12.00 per share to accredited traders.

Dogwood State was created in 2019 when a bunch of traders bought Sound Bank in Morehead Metropolis, N.C., recapitalized it and moved its headquarters to Raleigh.

Nelson Mullins Riley & Scarborough offered authorized counsel. The financial institution didn’t use a placement agent.