ROGERSVILLE, Tenn., May 10, 2021 /PRNewswire-PRWeb/ -- Volunteer Bancorp, Inc. (the "Company"), the holding company for Civis Bank (the "Bank"), is pleased to announce that it has concluded an offering of common stock and a newly issued series of non-voting common stock for gross proceeds of approximately $47 million. Patriot Financial Partners, LP and Hermann Companies led the recapitalization of the Company. Proceeds will be used to support the existing business, address the capital regulatory requirements of the Company and the Bank, and enable the Company to make significant investments in a broad range of embedded digital banking capabilities.
As part of the recapitalization, Chris Black has joined the Company and Bank as Chief Executive Officer and President and will serve on the Board of Directors, leading the Bank's transformation and execution of its digital growth strategy. Chris most recently served as the Chief Financial Officer of Franklin Financial Network, Inc. prior to its sale to FB Financial Corporation (NYSE: FBK). He is joined by an experienced management team and a new Board of Directors, which will be led by Joe Maxwell who brings decades of experience as an entrepreneur and operator in the financial technology industry. Additional directors joining the Board of Directors will be Kirk Wycoff, John Philpott, Sarah Biller, Eugene Dibble, IV and Claudius "Bud" Watts, IV.
"Our experienced team of bankers and technologists are excited to join Civis Bank to materially expand the capabilities of the Bank and create a new paradigm for community banking success, which will leverage open banking capabilities designed to scale across our industry," said Chris Black, Chief Executive Officer and President. "We intend to use this investment to grow the Company significantly while keeping the Bank in Tennessee. Our team brings a wealth of experience in banking and financial technology that will lead our digital transformation and drive the performance of our unique and differentiated banking strategy."
Black added, "We are incredibly excited to bring together this top-tier blend of talent, knowledge and opportunity to build what we believe will be a world class embedded banking platform. Our timing could not be better as our industry is experiencing incredible change, disruption and innovation. We will balance those factors with the wisdom and knowledge that banking, at its core remains about the customer, and we intend to relentlessly focus on the experience and delivery of banking services to the small business customer."
Evercore served as financial advisor to the investors, with Alston & Bird LLP serving as legal advisor. Ritchie Law, P.C. served as legal advisor to Volunteer Bancorp, Inc.
###
About Volunteer Bancorp, Inc. and Civis Bank
Volunteer Bancorp, Inc. was founded in 1987 and is headquartered in Rogersville, Tennessee, which is located in Hawkins County. Civis Bank, a wholly-owned subsidiary of Volunteer Bancorp, Inc., was founded in 1906 and provides traditional community banking services to meet the financial needs of communities across Eastern Tennessee, including those primarily in Hawkins and Hancock Counties. The Bank employs over 30 full-time personnel across its three branch footprint in the towns of Rogersville, Sneedville and Church Hill. At March 31, 2021, the Bank had approximately $96 million in assets and $93 million in deposits.
About Patriot Financial Partners, LP.
Patriot Financial Partners is a private equity investment firm focused on investments in the community banking sector with a secondary focus on financial services and financial technology firms closely related to the banking sector. Patriot's objective is to seek superior risk-adjusted returns by applying its value-added investment model to non-control investments within the community banking sector, which consists of more than 1,400 public and privately-held depository institutions that have between $500 million and $10 billion of assets.
About Hermann Companies
Founded in 1956, Hermann Companies' track record and commitment to long-term investing has been the cornerstone of its success. Long-term investing has never been more important than today – a source of stability when markets seem to move with every tweet, and new headlines are made by the hour. Hermann's management team works with the companies throughout the technology, manufacturing, real estate, and financial services sectors. Hermann focuses on direct investments in venture stage and middle market companies with strong management teams that share our vision of creating value that persists across generational boundaries.
Media Contact
Chris Black, Volunteer Bank Corp, Inc., +1 (423) 272-2200, [email protected]
SOURCE Volunteer Bank Corp, Inc.
Share this article