FineMark Holdings, Inc. Announces Private Placement of up to $82.5 Million of Common Stock

Rhea-AI Summary

FineMark Holdings announces the completion of a private placement of 1,681,818 shares at $33.00 each to qualified investors, generating $55.5 million. An additional 818,182 shares will be issued, bringing total gross proceeds to $82.5 million upon closing, expected on July 15, 2021. The funds will refinance debt and support growth for FineMark National Bank & Trust. This capital raise is anticipated to benefit shareholders and clients.

Positive

• Successful capital raise of $82.5 million through private placement.
• Involvement of new institutional investors suggests strong market interest.
• Funds will be used to refinance debt and support growth initiatives.

Negative

• None.

FORT MYERS, FL / ACCESSWIRE / June 28, 2021 / FineMark Holdings, Inc. (the "Company") (OTCQX:FNBT), the parent company of FineMark National Bank & Trust, is pleased to announce that the Company has completed a private placement of 1,681,818 shares of common stock at $33.00 per share to certain qualified institutional buyers and accredited investors (the "First Transaction"), and has entered into a binding agreement to issue 818,182 additional shares of common stock to the lead investor in the offering, a fund managed by Strategic Value Bank Partners, at $33.00 per share (the "Second Transaction"). The First Transaction closed on June 25, 2021, and the Second Transaction is expected to close on July 15, 2021, subject to the satisfaction of customary closing conditions. After the closing of the Second Transaction, it is expected that the private placement will result in the issuance of 2,500,000 shares of common stock and gross proceeds to the Company of $82.5 million.

"We are very excited to complete this significant capital raise, which includes several new investors," said Joseph R. Catti, Chairman & CEO FineMark Holdings, Inc. and its subsidiary bank, FineMark National Bank & Trust. "We believe this will benefit our existing shareholders, clients, associates and the communities we serve."

The Company intends to use the net proceeds to refinance existing indebtedness, to provide growth capital for FineMark National Bank & Trust and for other general corporate purposes.

Commerce Street Capital, LLC served as the exclusive placement agent for the private placement. Alston & Bird LLP served as legal counsel to the Company.

About FineMark Holdings, Inc. and FineMark National Bank & Trust

FineMark Holdings, Inc. is the parent company of FineMark National Bank & Trust. Founded in 2007, FineMark National Bank & Trust is a nationally chartered bank & trust company, headquartered in Florida. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services, including personal and business banking, lending services, trust and investment services. The Corporation's common stock trades on the OTCQX under the symbol FNBT. Investor information is available on the Corporation's website at www.finemarkbank.com.

Forward-Looking Statements

This press release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of assets under administration; changes in the value of securities and other assets; reductions in loan demand; changes in loan collectability, default and charge-off rates; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; occurrences of cyber-attacks, hacking and identity theft; natural disasters; and changes in the assumptions used in making such forward-looking statements. Further, the adverse effect of the COVID-19 pandemic on the Company, its customers and the communities where it operates may adversely affect the Company's business, results of operations and financial condition for an indefinite period of time. You should carefully review all of these factors and you should be aware that there might be other factors that could cause these differences.

These forward-looking statements were based on information, plans and estimates at the date of this report. We assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Contact:

Brian Eagleston
CFO, FIneMark National Bank & Trust
Beagleston@finemarkbank.com
239-461-5916

SOURCE: FineMark Holdings, Inc.

View source version on accesswire.com:
https://www.accesswire.com/653188/FineMark-Holdings-Inc-Announces-Private-Placement-of-up-to-825-Million-of-Common-Stock

FAQ

What is the purpose of FineMark Holdings' recent capital raise?

FineMark Holdings aims to refinance existing debt and provide growth capital for its bank.

How much capital did FineMark Holdings raise in the private placement?

FineMark Holdings raised a total of $82.5 million through the private placement.

When is the closing date for the additional share issuance by FineMark Holdings?

The closing for the additional share issuance is expected on July 15, 2021.

What is the stock symbol for FineMark Holdings?

The stock symbol for FineMark Holdings is FNBT.

Who were the investors in FineMark Holdings' private placement?

The private placement involved qualified institutional buyers and accredited investors.