Suncrest Bank raises $13.5 million through private placement of stock

California-based bank sells 1,918,827 of its common shares in offering

By Devika Patel

Knoxville, Tenn., May 4 – Suncrest Bank said it sold about $13.5 million of stock in a private placement. MJ Capital Partners, LLC was the agent.

The company sold 1,918,827 common shares.

Proceeds will be used to support the Visalia, Calif., bank’s growth and to improve capital ratios.

Issuer:	Suncrest Bank
Issue:	Common stock
Amount:	$13.5 million (approximate)
Shares:	1,918,827
Warrants:	No
Agent:	MJ Capital Partners, LLC
Settlement date:	May 4
Stock symbol:	OTCBB: SBKK
Stock price:	$6.76 at close May 1
Market capitalization:	$12.95 million

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