Tuesday, October 2, 2012
Square 1 raises $20.6M through private placement of common stock
Square 1 Financial, Inc., the holding company for Square 1 Bank, announced yesterday that it has raised $20.6 million through a private placement of its common stock. Shares were sold to existing institutional shareholders, and proceeds will be used to support Square 1 Bank’s continued strong growth and for other general corporate purposes.
“We are very pleased with the success of this capital raise and the expression of continued confidence from our larger investors,” said Doug Bowers, president and CEO of Square 1 Bank in a statement published on the Square 1 website. “The additional capital will allow us to continue our organic growth, focus on strategic initiatives, and propel the Bank forward.”
Despite the challenging economic climate, today's announcement underscores Square 1’s strong performance. “Over the past seven years, Square 1 has experienced significant growth within our loan portfolio, while maintaining excellent credit quality and a strong balance sheet,” stated Bowers. “We are excited about the opportunities we see in our markets, and remain committed to delivering unparalleled banking services to companies in all stages of growth.”