Centric Bank Exceeds Goal for 2014 Capital Raise, Reaches $5.1 Million
On: February 13, 2015 Filed Under: Member News
HARRISBURG (February 12, 2015) — Centric Bank has raised $5.1 million in a Q4 2014 Private Stock Offering, exceeding its goal of $4 million. The stock was sold at $5 per share and 97% of tangible book value which is $5.15 per share.
“In a season where bank mergers are fundamentally changing access-to-capital for small business owners and entrepreneurs, customers are looking to do business with and invest in banks that are true business partners. Our relationship-banking principles are attracting customers and shareholders to invest and grow with us,” says Centric Bank President and CEO Patti Husic.
“The new capital raised will provide significant opportunities for us to capture a larger portion of the business and health care services market and develop deeper business banking services in our central Pennsylvania communities,” says Husic.
Specifically, Centric Bank will use the investment to fund an expanded lending team, loan production offices in new markets, increase mortgage capacity, and increase access to capital for business borrowers.
“Over 70 percent of our new investors are customers of Centric Bank. Their vote of confidence reaffirmed the desire and necessity of small business owners to partner with a locally owned, locally loaned bank. We invited investors to ‘Be the Difference Maker’ with us, and we’re excited to enter our next growth stage,” says Husic. Centric Bank has 100% participation in stock ownership by the leadership team and its Board of Directors.
Prior to the next Stock Offering slated for mid-year 2015, Centric Bank plans to secure their ticker symbol and be listed on the OTC Exchange.
About Centric Bank
A two-time Best Places to Work and Top 50 Fastest-Growing Companiesfor three consecutive years, Centric Bank is headquartered in south central Pennsylvania with assets of $320 million and remains the region’s leader in organic loan growth. A locally owned, locally loaned community bank, Centric provides highly competitive and pro-growth core financial services to businesses, professionals, individuals, and families. With a Four Star Bauer Financial Rating, Centric Bank is also ranked in the Top 20 Lenders for SBA Loans in the Philadelphia Region.
Founded in February 2007, Pennsylvania-based Centric Bank has financial centers located in Harrisburg, Derry Township, Mechanicsburg, and Camp Hill. To learn more about Centric Bank, call 717.657.7727 or visit their website at www.CentricBank.com. Connect with them on Twitter at @CentricBank and Facebook at Centric Bank.