Visalia-based Suncrest Bank raised about $13.5 million in capital by issuing almost 2 million shares of common stock, the company announced Monday.
The shares were sold to new and existing local investors as well as institutional investors, the bank reported. Suncrest Bank, which was established in 2008, experienced substantial growth in 2014, with assets rising by 49% to $188.6 million and the loan portfolio growing by 33% to $123.1 million. “This new capital will allow us to continue our organic growth, and gives us the flexibility to consider other strategic initiatives,” Suncrest president/CEO Ciaran McCullan said.
The stock offering was made through MJ Capital Partners LLC.
Suncrest Bank shares are traded on the OTCQX over-the-counter stock board under the stock symbol SBKK. The official price at the market’s close Monday was $6.76 per share, a price that has been unchanged since April 8. The stock has traded as high as $7.65 per share earlier this year.