SouthCrest Financial (SCSG) in Peachtree City, Ga., has raised nearly $18 million from a group led by Castle Creek Capital.
The $560 million-asset company said Thursday that the agreement includes a mix of voting common and non-voting preferred shares, which it sold at $5.05 a share.
"We are extremely excited about partnering with the team from Castle Creek as we continue to drive towards company goals," Kenneth Maloy, SouthCrest's president and chief executive, said in a press release. "They are one of the most experienced and active community bank investors today, and we look forward to leveraging their experience to make SouthCrest the best community bank in the Southeast."
SouthCrest said it would use the proceeds for a variety of purposes that could include the potential redemption of preferred shares it issued under the Troubled Asset Relief Program.
The company also said Thursday that it lost $700,000 in the second quarter, which was an improvement from the $1.1 million it lost a quarter earlier.
