Regent Bank, a Davie-based community bank with five branches in Broward and Palm Beach counties, said it has raised $20 million through a private placement issued by its holding company, Regent Bancorp.
FIG Partners LLC, an Atlanta-based broker/dealer, assisted in raising the new capital from existing shareholders, as well as local and institutional investors, the bank said. The Bank’s holding company’s common shares are now listed on the OTC market under the symbol RGTB.
As part of the transaction, the company exchanged shares of common stock for all of its formerly outstanding preferred stock held by the United States Department of the Treasury. Immediately following the preferred stock exchange, the U.S. Treasury sold its shares of the holding company common stock to certain investors that participated in the private placement.
The bank, which was founded in 1986, has been operating under a regulatory enforcement action since November 2010, which included requirements to boost capital. The bank said its new capital substantially increases its overall lending capacity, and will support expansion of its residential mortgage operation and wealth management services.