MOREHEAD CITY, N.C., May 7, 2019 /PRNewswire/ -- Sound Bank (the "Bank") is pleased to announce that the Bank has completed a $100 million recapitalization as part of its plan to grow the franchise into a high performing, statewide North Carolina community bank. The recapitalization involved a private placement of shares of the Bank's common stock. Funds and accounts managed or advised by Patriot Financial Partners, FJ Capital Management, and T. Rowe Price Associates, Inc. were significant investors in the recapitalization.
The recapitalization provides the Bank with the ability to pursue its strategy of becoming the bank of choice for businesses, business owners, professionals, and their employees in the North Carolina communities it serves. In addition to growing the Bank's franchise in its existing markets, the Bank intends to enter the Raleigh and Charlotte markets later in 2019 and will have key senior executives based in each of those new markets. The Bank's business lines will be retail and commercial banking, government guaranteed lending, and home builder finance.
As part of its North Carolina growth plan, the Bank also announced that its Board of Directors and senior executive team have been restructured. Steven Jones has been appointed as a Director and Chief Executive Officer of the Bank and Scott Custer has been appointed Executive Chairman of the Board of Directors. Other members of the Bank's restructured Board of Directors are David Brody, Fielding Miller, George (Robin) Perkins III, Sepi Saidi, Richard Urquhart III, Eric Bergevin, Marc McConnell, James Lynch, and Martin Friedman. Additionally, David Therit was appointed Chief Financial Officer, Natasha Austin was appointed Chief Administrative Officer, Christopher Kwiatkowski was appointed President of Government Guaranteed Lending, and Michael Johnson was appointed Chief Credit Officer of the Bank.
"I am excited to announce the successful recapitalization of Sound Bank," said Steven Jones, CEO. Mr. Jones added, "We believe that the Bank is uniquely positioned to take advantage of significant dislocation in our markets created by the recent wave of North Carolina community bank acquisitions. We have assembled a very experienced senior management team and board of directors who have successfully executed this type of growth plan in the past. I look forward to sharing more about our plans, including the anticipated rebranding of the franchise to Dogwood State Bank, in the coming months."
Sandler O'Neill & Partners, L.P. served as the placement agent and financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP served as legal counsel to the Bank in the private placement offering. Nelson Mullins Riley & Scarborough LLP served as placement agent counsel to Sandler O'Neill & Partners, L.P.
About Sound Bank
Sound Bank, a North Carolina state-chartered bank with approximately $366 million in total assets, was established in 2000 and is headquartered in Morehead City, NC. Sound Bank provides a wide range of banking services and products through its seven branch offices in Morehead City, Beaufort, Cedar Point, Edenton, Greenville, New Bern, and Wilmington, NC.
For more information, visit https://www.soundbanking.com/
The information in this press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.
All statements in this press release, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include, but are not necessarily limited to, statements relating to the Bank's future plans, prospects and growth opportunities. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are subject to a number of factors that could lead to actual results to be materially different from those described in the forward-looking statements; and we can give no assurance that our expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release.
Steven W. Jones
Chief Executive Officer
SOURCE Sound Bank