WASHINGTON, May 8, 2009 — Bank of Georgetown, a community bank chartered in Washington, D.C., announced today that a recent private equity offering raised in excess of $15 million, representing a 50 percent increase over its goal of $10 million.
The bank exceeded its initial goal with investments from local business leaders and both new and existing shareholders. Further, the bank elected to forge a new relationship with Commerce Street Capital, which invested slightly less than 10 percent of the bank’s total capital.
“We are delighted with the results of this new equity offering and believe that in the current economic climate it is prudent to have surplus capital for growth opportunities,” said Bank of Georgetown President and CEO Mike Fitzgerald.
“We are thrilled to work with premier investment banking firm Commerce Street Capital,” said Bank of Georgetown Chairman of the Board Curtin Winsor III. “Their experience and resources will be invaluable as we continue to grow and execute our strategic plan.”
This is Bank of Georgetown’s third successful equity raise since its opening in 2005. Due to its continued success and strong balance sheet, Bank of Georgetown respectfully declined the recent offer to receive government funds through the Troubled Asset Relief Program (TARP).
“We recognize Bank of Georgetown as a solid and healthy local bank in an outstanding market,” said Commerce Street Capital President Dory A. Wiley. “Their experienced management team continues to execute disciplined growth in a difficult environment.”
Bank of Georgetown grew by 59 percent in total assets in 2008, and further grew by 22 percent in the first quarter of 2009. The bank currently has $44 million in total capital.
About Bank of Georgetown
Bank of Georgetown is a Washington, D.C.–chartered community bank with branches in Georgetown, Friendship Heights, Penn Quarter, at Connecticut and L, at Franklin Square, in the Courthouse area of Arlington, Virginia, and in Bethesda, Maryland. The bank specializes in helping local organizations with their banking needs by delivering competitive loan, deposit and cash management products and services. All Bank of Georgetown associates are experienced banking professionals dedicated to premier customer service. Founded in 2005 by Chairman Curtin Winsor III and President and CEO Mike Fitzgerald, Bank of Georgetown offers unique customer-focused, technologically advanced services in order to maximize the relationship banking experience for its clients. More information about the bank is available at www.bankofgeorgetown.com.
About Commerce Street Capital
Commerce Street Capital, LLC is a privately held investment banking firm headquartered in Dallas, Texas, that is focused on serving financial institutions across the United States through three lines of business: investment banking, bank development and fund management. For more than 21 years, the firm’s leaders have built their reputation as leading investment bankers for community banks across the United States. Visit www.commercestreetcapital.com. Member FINRA/SIPC.