SCOTTSDALE, AZ, JANUARY. 27, 2023 – BANK34
On January 27, 2023, Bancorp 34, Inc. (OTCQB: BCTF) (the “Company”), the holding company of Bank 34, completed the closing of the second round of a private placement, providing an additional $15.7 million of common stock and non-voting preferred stock to certain qualified accredited and institutional investors. In combination with the previously completed $14 million first round capital raise on December 30, 2022, the Company has now completed a cumulative capital offering totaling nearly $30 million. The second round shares were issued at a price of $14.00 per share and were accompanied by 111,352 warrants to purchase additional shares at $14.00 per share. There were 848,089 common shares and 298,266 preferred shares issued as a part of the offering. The preferred shares can be converted to nonvoting common shares in the future, subject to any required regulatory and shareholder approvals. Commenting on the completion of the capital raise, President and CEO Jim Crotty stated, “We are excited to see the story of our bank and the vision of our future resonated so strongly with the investors that participated in this oversubscribed capital offering. Bank 34 is well positioned to continue with our growth initiatives and enhance shareholder value.” Spencer Cohn of Castle Creek Capital and Kevin Ahern of Brush Creek Partners joined the Bancorp 34, Inc. Board, effective upon completion of the offering. The Company will use the net proceeds of the equity offering to fund organic growth, transact on potential acquisition opportunities, enter complementary new business lines, and enhance capital ratios. MJC Partners, LLC, served as the exclusive placement agent in connection with the offering. Luse Gorman, PC acted as legal counsel to Bancorp 34, Inc.
MJC Partners, LLC, served as the exclusive placement agent in connection with the offering. Luse Gorman, PC acted as legal counsel to Bancorp 34, Inc.
About Bancorp 34, Inc.
Bank 34 is a wholly owned subsidiary of Bancorp 34, Inc. Shares of Bancorp, 34, Inc. common stock trade on the OTCQB market under the symbol “BCTF” with headquarters in Scottsdale, Arizona. We are a community bank founded in 1934 with locations in Scottsdale, Arizona and Alamogordo and Las Cruces, New Mexico. Our customers desire a refreshing and more intimate alternative to the large banks, coupled with a more proven track record than the newer small banks. We offer true relationship banking and do more to earn your business.
About MJC Partners, LLC
MJC Partners, LLC is a leading Los Angeles-based boutique investment banking and advisory firm providing a full range of strategic, transactional and valuation-related services to clients across multiple industry groups with a focus on financial institutions, blockchain, and fintech companies. For more information about MJC Partners, visit www.mjcpartners.com.