Georgia Commerce Bancshares raised $25.5 million to fund potential acquisitions around Atlanta.
The $725 million-asset company said it sold shares at $20.50 each, equal to tangible book value. The Atlanta company raised the capital from new and existing investors, including a new institutional investor, FJ Capital Management of McLean, Va. None of the investors was given a board seat, says Mark Tipton, chairman and chief executive.
Georgia Commerce will use the proceeds to pursue whole-bank acquisitions or loss-share deals for failed banks with the Federal Deposit Insurance Corp., Tipton says. Georgia Commerce
