Q2 2019
Wealth & Finance International - Q2 2019 5 News The recapitalization provides the Bank with the ability to pursue its strategy of becoming the bank of choice for businesses, business owners, professionals, and their employees in the North Carolina communities it serves. In addition to growing the Bank’s franchise in its existing markets, the Bank intends to enter the Raleigh and Charlotte markets later in 2019 and will have key senior executives based in each of those new markets. The Bank’s business lines will be retail and commercial banking, government guaranteed lending, and home builder finance. As part of its North Carolina growth plan, the Bank also announced that its Board of Directors and senior executive team have been restructured. Steven Jones has been appointed as a Director and Chief Executive Officer of the Bank and Scott Custer has been appointed Executive Chairman of the Board of Directors. Other members of the Bank’s restructured Board of Directors are David Brody, Fielding Miller, George (Robin) Perkins III, Sepi Saidi, Richard Urquhart III, Eric Bergevin, Marc McConnell, James Lynch, and Martin Friedman. Additionally, David Therit was appointed Chief Financial Officer, Natasha Austin was appointed Chief Administrative Officer, Christopher Kwiatkowski was appointed President of Government Guaranteed Lending, and Michael Johnson was appointed Chief Credit Officer of the Bank. “I am excited to announce the successful recapitalization of Sound Bank,” said Steven Jones, CEO. Mr. Jones added, “We believe that the Bank is uniquely positioned to take advantage of significant dislocation in our markets created by the recent wave of North Carolina community bank acquisitions. We have assembled a very experienced senior management team and board of directors who have successfully executed this type of growth plan in the past. I look forward to sharing more about our plans, including the anticipated rebranding of the franchise to Dogwood State Bank, in the coming months.” Sandler O’Neill & Partners, L.P. served as the placement agent and financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP served as legal counsel to the Bank in the private placement offering. Nelson Mullins Riley & Scarborough LLP served as placement agent counsel to Sandler O’Neill & Partners, L.P. Sound Bank (the “Bank”) is pleased to announce that the Bank has completed a $100 million recapitalization as part of its plan to grow the franchise into a high performing, statewide North Carolina community bank. The recapitalization involved a private placement of shares of the Bank’s common stock. Funds and accounts managed or advised by Patriot Financial Partners, FJ Capital Management, and T. Rowe Price Associates, Inc. were significant investors in the recapitalization. Sound Bank Completes $100 Million Recapitalization
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