GrandSouth Completes $12 Million Capital Raise

08 Feb, 2016, 09:13 ET from GrandSouth Bancorporation

GREENVILLE, S.C., Feb. 8, 2016 /PRNewswire/ -- GrandSouth Bancorporation (OTCQB: GRRB) announces a successful $12 million capital raise through the issuance of common stock.

"We are pleased to announce the completion of a capital raise that will support our continued growth. There was a great deal of interest in both the local and institutional investor markets in our company and the prospects for profitable growth in the Upstate region of South Carolina. We believe that we have a great opportunity for growth ahead of us," said GrandSouth Bancorporation's Chairman and CEO Mason Y. Garrett.

FIG Partners LLC, an employee-owned broker/dealer based in Atlanta Georgia, assisted in raising the new capital from existing shareholders, as well as local and institutional investors.

GrandSouth's wholly-owned subsidiary, GrandSouth Bank operates four branch offices in Anderson, Fountain Inn, Greenville and Greer, S.C. and a floor plan lending division out of a separate facility in Greenville, S.C.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Company are detailed from time to time in our annual reports. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

 

SOURCE GrandSouth Bancorporation