TIB seeks to raise $150 million in placement of stock, convertibles

By Devika Patel

Knoxville, Tenn., June 11 - TIB Financial Corp. plans to raise at least $150 million through a private placement of common shares and/or mandatorily convertible preferred shares, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company will use its reasonable best efforts to complete the placement.

Sandler O'Neill & Partners, LP will be the agent.

The company also said that Marty E. Adams, Kevin Thompson and John Loeber will be retained as new senior management and assist the company with this offering. They will become chief executive officer, chief financial officer and chief credit officer, respectively.

Based in Naples, Fla., TIB Financial is a financial holding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.