Standard Bancshares, Inc. Completes Strategic Recapitalization Raises $138 million in New Capital
HICKORY HILLS, Ill., Feb. 26, 2013 /PRNewswire/ -- Standard Bancshares, Inc., parent company of Standard Bank and Trust Co., today announced that it has completed its previously announced placement of $138 million in newly-issued common stock of the Company to a group of investors.
"This capital will allow Standard to fully repay its TARP obligations to the U.S. Department of the Treasury while significantly improving our balance sheet and capital position," said Lawrence P. Kelley, President, Chief Executive Officer and Vice Chairman of the Company. "It will not only materially improve our capital ratios, it will also facilitate our ability to meet the needs of our retail and commercial banking customers, and take advantage of anticipated growth opportunities in the consolidating Midwestern banking market."
The Company also announced that veteran Chicago area bankers Robert A. Rosholt and Allen Koranda have formally joined its board of directors, and that Mr. Rosholt has been named lead independent director. Mr. Rosholt formerly served as Executive Vice President and Chief Financial Officer at First Chicago, First Chicago NBD, and Bank One, and is currently Chairman of the Board of HCC Insurance Holdings, Inc. Mr. Koranda is the former Chairman and CEO of MAF Bancorp, Inc., which was the holding company for MidAmerica Bank.
Investors in the recapitalization include an investment entity managed by Stone Point Capital LLC, and investment entities managed by or clients of Pantheon Ventures (US) LP, Cohesive Capital Partners, W Capital Partners, Constellation Wealth Advisors LLC, Athena Capital Advisors LLC, and others.
River Branch Capital LLC and Stifel, Nicolaus & Company, Incorporated acted as placement agents and Kirkland & Ellis, LLP as legal advisor to Standard Bancshares, Inc.
About Standard Bancshares, Inc.
Standard Bancshares, Inc., through its Standard Bank and Trust Co. community banking subsidiary, delivers a wide range of retail, commercial and wealth management services to a diverse and growing client base. The locally-owned and managed Company, which was founded in 1947, operates 42 full service banking locations throughout the Chicago area and Northwest Indiana and is committed to supporting and investing in the neighborhoods and communities it serves. As of Dec. 31, 2012 the Company had $2.2 billion in assets.
SOURCE Standard Bancshares, Inc.