Castle Creek purchases preferreds through agent Keefe Bruyette & Woods
By Devika Patel
Knoxville, Tenn., March 27 – Foundation Bancorp, Inc. said it completed a $15 million private placement of convertible preferred stock with Castle Creek Capital. Keefe Bruyette & Woods was the agent.
The preferreds are convertible into common stock at $10.00 per share, which is an 8.11% premium to the closing share price on March 26 of $9.25.
Proceeds will be used for general corporate purposes, including growth and expansion.
The bank holding company for Foundation Bank is based in Bellevue, Wash.
| Issuer: | Foundation Bancorp, Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $15 million
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| Conversion price: | $10.00
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| Conversion premium: | 8.11%
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| Warrants: | No
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| Agent: | Keefe Bruyette & Woods
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| Investor: | Castle Creek Capital
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| Settlement date: | March 27
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| Stock symbol: | OTCBB: FDNB
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| Stock price: | $9.25 at close March 26
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| Market capitalization: | $4.4 million
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