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July 30, 2012

Recapitalization Fund for ProBank

Filed under: Venture Capital News — admin @ 12:22 pm

ProBank, a locally owned community bank, which is very committed to the community and has a great involvement in the local organizations, has raised 4.6 Million USD since this February.

The recapitalization started 5 months ago with a private placement memorandum. It then offered a later add – on of 5 million USD as 10 million shares. This raise in capital was mainly funded by extra investment from current shareholders. The statement stated the fact that ProFinancial transmitted a total amount of 4.6 Million USD to ProBank.

Mr. Edward Dougherty, who is a shareholder with Igler & Dougherty PA, finalized the private placement memo, while Mr. Tom Rudkin from Syndicated Capital supported with the capital raise. Thus, as of 31st of May, ProBank, that has 73.9 Million USD in assets, had raised to 5.4 Millions USD of stockholder equity.

The funds will permit Tallahassee ProBank subsidiary to have the capital that it is required under the consent order and to offer enough reserves so it can be considered as “well capitalized” by regulators.

ProBank has 3 branches in Tallahassee, Florida and is part of the community, believing that helping it, the business environment will become a better place.

ProFinancial provides capital for young companies. It was founded to support small and medium sized enterprises to enable them to get products on the market and launch successfully.

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