First Capital Bancshares Announces Completion Of $12 Million Private Placement

First Capital Bancshares, Inc., the parent company of First Capital Bank, has successfully completed a private placement of shares of its common stock to accredited individual and institutional investors. The offering, which initially had a size of $10 million, was increased due to high investor interest and resulted in gross proceeds of $12 million for the company. The funds raised from this private placement will be used to support the continued growth of First Capital's 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. Harvey L. Glick, Chairman and CEO of First Capital Bancshares, expressed his satisfaction with the level of investor interest in the stock offering. He stated, "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."It is important to note that this press release does 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 or any state securities laws.First Capital Bancshares, Inc. is a bank holding company headquartered in Charleston, South Carolina. As of March 31, 2024, it had consolidated assets of approximately $811 million. Its principal activity is the ownership and operation of First Capital Bank, a state-chartered community bank with full-service bank locations in Charleston, Mount Pleasant, Summerville (South Carolina), Laurinburg (North Carolina), and a new full-service bank location planned for Pinehurst (North Carolina).Forward-looking statements were included in this news release. These statements are prospective and relate to future plans and expectations. They are identified by words such as "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," and "project." However, there are risks, uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements. The company cannot guarantee that the results contemplated in the forward-looking statements will be realized.Factors that could affect the anticipated results or other expectations expressed in the forward-looking statements include increased competitive pressures among financial institutions, changes in the strength of the United States economy and local economies, changes in legislation, regulation, policies, or administrative practices, adverse conditions in the stock market and capital markets, changes in interest rates, and changes in accounting principles.First Capital Bancshares, Inc. and any person acting on its behalf do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.Source: First Capital Bancshares