Volunteer Bancorp Inc., the holding company of Civis Bank, is pleased to announce that it has completed an offering of common shares and a new series of non-voting common shares for gross proceeds of approximately 47 millions of dollars. Patriot Financial Partners LP and Hermann Companies led the recapitalization of the company. The proceeds will be used to support existing business, meet regulatory capital requirements of the company and the bank, and enable the company to make significant investments in a wide range of integrated digital banking capabilities.
As part of the recapitalization, Chris Black has joined the company and the bank as CEO and chairman and will serve on the board, leading the bank’s transformation and the execution of its digital growth strategy. Black most recently served as CFO of Franklin Financial Network Inc. prior to its sale to FB Financial Corporation. He is joined by an experienced management team and a new board of directors, which will be led by Joe Maxwell, who brings decades of experience as an entrepreneur and operator in the financial technology industry. Additional directors who will join the board will be Kirk Wycoff, John Philpott, Sarah Biller, Eugene Dibble, IV and Claudius “Bud” Watts IV.
“Our experienced team of bankers and technologists are delighted to join Civis Bank to dramatically expand the bank’s capabilities and create a new paradigm for community banking success, which will leverage open banking capabilities designed to scale with our sector, ”Black said. “We intend to use this investment to significantly grow the business while keeping the bank in Tennessee. Our team brings extensive experience in banking and financial technologies that will drive our digital transformation and drive the performance of our unique and differentiated banking strategy. “
Black added, “We are incredibly excited to bring together this leading blend of talent, knowledge and opportunity to create what we believe to be a world-class integrated banking platform. Our timing couldn’t be better as our industry is experiencing incredible change, disruption and innovation. We will balance these factors with the wisdom and knowledge that banking, at its core, stays with the customer, and we intend to focus relentlessly on the experience and delivery of banking services to small business customers. “
Evercore served as financial advisor to investors, with Alston & Bird LLP as legal advisor. Ritchie Law, PC was legal counsel to Volunteer Bancorp Inc.