CLAXTON, Ga.--(BUSINESS WIRE)--Southern Bankshares, Inc. (the “Company”), the holding company of The Claxton Bank (the “Bank”), is pleased to announce the completion of a $20 million private placement of its common stock. This growth capital will drive expansion of lending and banking services to customers across all of its markets, including the opening of its first Jacksonville, FL office.
“I’m pleased to announce the successful completion of our growth capital raise as it provides the foundation for our expansion into Jacksonville and continued growth in our Georgia markets,” said Scott Verlander, president and chief executive officer. “We are investing in top talent to deliver a high-touch, relationship-focused customer experience and look forward to capitalizing on the opportunities in front of us.”
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.
Burke Stelling Group, LLC served as financial advisor and Smith Mackinnon, PA served as the legal advisor to the Company for the private placement.
The Claxton Bank
The Claxton Bank is a full-service, Georgia state-chartered community bank headquartered in Claxton, Georgia, with approximately $170 million in total assets as of March 31, 2024. The Bank provides a wide range of banking products and services through its digital offerings and branch offices in Claxton and Richmond Hill, Georgia and will be expanding to serve customers in Jacksonville, Florida. For more information, visit www.tcbga.bank.
