American Chartered Bancorp in Schaumburg, Ill., has raised $50 million from a group of private equity firms that includes Patriot Financial Partners, Endicott Management Co. and Siena Capital Partners.
The $2.4 billion-asset company said Monday that Patriot and Endicott will each receive a seat on American Chartered's board. The company, which is privately held and had 15 branches, sold the investors shares of convertible preferred stock.
American Chartered, which remained well capitalized throughout the financial crisis, said that it plans to use the capital for future growth. "The increase in our capital levels positions the bank to continue to pursue lending opportunities in what we believe to be a consolidating market," Dan Miller, the company's president, said in a press release.
"Most of the larger banks are moving up market to do business with much larger companies, which leaves American Chartered as the primary bank serving small and medium sized companies," Miller added.
