(Source: Business Wire)
NBH Holdings Corp. ("NBH"), a recently-formed corporation led by veteran
banking executives, announced today that it has raised gross proceeds of
$1.15 billion through the sale of common stock in a broadly distributed
private placement. The shares were purchased by over 70 non-control
institutional investors, none of whom will have a Board seat, an
economic interest in excess of 9.9%, or a voting interest in excess of
4.9% (other than mutual funds that may own a voting interest of up to
9.9%). NBH, which intends to apply to become a bank holding company,
expects to use the proceeds of the offering to build a leading community
banking franchise focusing on serving the needs of retail and business
customers. NBH will seek to achieve this goal through a combination of
disciplined acquisitions and organic growth.
James G. Connolly is NBH's President and Chief Executive Officer. An
accomplished banking executive with over 23 years of industry
experience, he previously served as President and a Director of Citizens
Financial Group, a $153 billion bank holding company. Mr. Connolly leads
a team of proven bankers that has worked together for numerous years,
and which has an established track record of success and significant
experience in risk management, acquisitions, integration, and organic
growth. NBH's executive management team includes James B. Fitzgerald,
Chief Financial Officer, Thomas M. Metzger, Chief Risk Officer, and
Donald Gaiter, Chief of Acquisitions and Strategy. NBH will be overseen
by a highly-credentialed Board of Directors chaired by Frank V. Cahouet,
former Chairman, President, and Chief Executive Officer of Mellon
Financial Corporation.
Mr. Connolly said, "We are pleased to have completed this equity
offering. We are eager to begin the process of creating a
high-performing, community-focused banking enterprise that delivers a
superior level of service and is recognized for its commitment to its
customers, employees and investors. The current recapitalization of the
U.S. banking industry provides a unique opportunity for NBH, and we
appreciate the confidence that our investors have placed in us."
The private placement transaction was executed pursuant to Rule 144A of
the Securities Act of 1933 and other exemptions. The company will seek
to make control investments in one or more U.S. banking institutions
over time.
FBR Capital Markets Corporation (Nasdaq: FBCM) served as financial
advisor and placement agent for the offering. Wachtell, Lipton, Rosen &
Katz served as NBH's legal advisor.
About NBH Holdings Corp.
NBH Holdings Corp.
