Bancorp 34, Inc. announced that it has received $30.165598 million in funding from Castle Creek Advisors VIII LLC
January 26, 2023
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On January 27, 2023, the company closed the transaction. The company amended the terms of the transaction. The company issued common stock, non non-voting preferred stock and 111,352 warrants to purchase additional shares at $14.00 per share for gross proceeds of $15,700,000 bringing the total amount raised to $30 million.
There were 848,089 common shares and 298,266 preferred shares issued as a part of the transaction. The preferred shares can be converted to non-voting common shares in the future, subject to any required regulatory and shareholder approvals. The transaction is oversubscribed.
Spencer Cohn of Castle Creek Advisors VIII LLC joined the board of directors of the company as part of the transaction. The company received $15,589,686 from 13 investors pursuant to exemption provided under Regulation D.
Bancorp 34, Inc. is the holding company for Bank 34 (the Bank). The Company conducts a full-service community banking business through the Bank. The Company offers a full range of relationship-focused services to meet its clientâs business and personal financial objectives, with branches in Arizona and New Mexico. Its product lines include commercial loans, commercial real estate loans, and a variety of commercial and consumer deposit products, including noninterest bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. It also offers online banking and bill payment services, online cash management, safe deposit box rentals, debit card and automated teller machine (ATM) card services and the availability of a network of ATMs for its customers. Its segments include Commercial loans, Commercial real estate loans, Multifamily, Construction and land development loans, Residential real estate loans, and Consumer loans.