Community Trust Financial of Ruston, La., has raised $85 million in growth equity.
The $3 billion-asset parent of Community Trust Bank has received a $45 million investment from Pine Brook, a New York private-equity firm, the two announced Monday.
Community Trust said it raised the balance from Castle Creek, a private-equity firm in Rancho Santa Fe, Calif., and other investors.
"We are pleased to have the support of several highly respected investors," Drake Mills, Community Trust's chief executive, said in a news release.
Community Trust, which was founded a century ago, has 31 branches throughout Louisiana, Mississippi and Texas.
"Pine Brook is excited to join with Community Trust and its team of seasoned executives, who share an exceptional reputation for achieving strong growth and profitability," Oliver Goldstein, a managing director at Pine Brook, said in a separate news release.
The investment marks Pine Brook's tenth in the financial services sector, according to the firm. Castle Creek is a serial bank investor; its website says it has made investments in more than 60 entities.
