PHOENIX, May 23, 2017 /PRNewswire/ — Metro Phoenix Bank (“Bank”) announced today that it completed a private placement of $10.0 million of its common stock, positioning the Company to grow its Arizona franchise. In the offering, the Bank issued 1,333,334 shares of its common stock at a purchase price of $7.50 per share. The proceeds from the offering will allow the Bank to increase its banking activities in the greater Phoenix, AZ market as the economy continues to strengthen.
“This additional capital provides Metro Phoenix Bank the opportunity to build on a successful franchise that has consistently serviced the local business community for the past decade. We remain highly motivated to exceed the service expectations of our small- to medium-sized business and real estate professional clients and we fully expect to continue to be the go-to independent community bank in Phoenix for new clients. The infusion of new growth capital at a time that our local economy has returned to full health is exciting for all stakeholders of Metro Phoenix Bank. We are committed to being an integral part in helping the local business community achieve greater prosperity,” said President and CEO Stephen P. Haggard.
MJC Partners, LLC and FIG Partners, LLC acted as Placement Agents for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Bank.
About Metro Phoenix Bank
A community bank established in 2007, Metro Phoenix Bank, headquartered in Phoenix, AZ, is locally owned and managed and offers a wide range of financial products for small- to mid-sized businesses, professionals, the real estate industry and individuals. The Bank also provides specialty platforms for SBA lending and the HOA industry. The Bank’s solution-driven, relationship-based approach to banking provides access to decision makers and enhances value through strong partnerships with their clients. The Bank currently operates one office in Phoenix, AZ.