Capital Bancorp, Inc. Announces Initial Public Offering of Common Stock
Capital Bancorp, Inc. ("Capital" or the "Company"), the bank holding company for Capital Bank, National Association, today announced the launch of its initial public offering of common stock.
ROCKVILLE, Md., Sept. 17, 2018 /PRNewswire-PRWeb/ -- Capital Bancorp, Inc. ("Capital" or the "Company"), the bank holding company for Capital Bank, National Association, today announced the launch of its initial public offering of common stock. Capital intends to offer 1,500,000 shares of its common stock and selling shareholders intend to offer 728,736 shares of common stock. The initial public offering price is currently expected between $12.50 and $14.50 per share. Capital also expects to grant the underwriters a 30-day option to purchase up to an additional 334,310 shares of its common stock. In connection with the initial public offering, Capital expects to list its common stock on the Nasdaq Global Market under the trading symbol "CBNK."
Capital intends to use the net proceeds from the proposed offering to fund the organic growth of its commercial and consumer business lines and for general corporate purposes, which could include future acquisitions and other growth initiatives. Capital will not receive any proceeds from the sale of shares of common stock by the selling shareholders in the offering.
Keefe, Bruyette & Woods, A Stifel Company, and Stephens Inc. are acting as joint book-running managers for the offering. Sandler O'Neill + Partners, L.P. and Hovde Group, LLC are acting as co-managers for the offering.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling (800) 966-1559, or from Stephens Inc., Attention: Syndicate, 111 Center Street, Little Rock, AR 72201, or by calling (501) 377-2131.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Capital Bancorp, Inc.
Capital is a registered bank holding company for Capital Bank, National Association, headquartered in Rockville, Maryland. Capital Bank, National Association, is a commercial-focused national banking association that offers commercial and consumer banking services to clients in the Washington, D.C. and Baltimore, Maryland metropolitan areas, alongside two nation-wide consumer lending brands, Church Street Mortgage, a mortgage division that originates conventional and government-guaranteed residential mortgage loans, and OpenSky which provides secured credit cards to under-banked populations and those looking to rebuild their credit scores. As of June 30, 2018, Capital had total assets of $1.1 billion, total loans held for investment of $920.8 million, total deposits of $938.4 million, and total stockholders' equity of $87.0 million.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements reflect Capital's current views with respect to, among other things, the commencement and completion of the initial public offering of its common stock. Any statements about Capital's expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "could," "should," "seeks," "projects", "can", "ongoing", "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of those words or other comparable words. Capital cautions that the forward-looking statements in this press release are based largely on Capital's expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond Capital's control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and Capital does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by law.
SOURCE Capital Bancorp, Inc.
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