Centric Financial Corporation, Inc. (OTCPink: CFCX) (“Centric”), the holding company for Centric Bank, today announced the closing of a private placement of common stock totaling approximately $21 million. The Company issued 2,275,000 shares of common stock at a price of $9.25 per share (or 132% of pro forma tangible book value). The shares were offered on a best-efforts basis through Keefe, Bruyette & Woods, A Stifel Company (“KBW”), as placement agent, in accordance with a Placement Agent Agreement between Centric Financial Corporation and KBW. Charles J. Ferry, Esquire, of Stevens & Lee represented Centric. Luse Gorman, PC served as legal counsel for KBW.

“The success of this capital raise reflects the strength of our franchise, management, and our Centric team. We have consistently demonstrated the ability to execute our strategic plan and achieve our goals, and we were pleased to add a number of institutional and new retail investors as shareholders. Partnering with KBW on this successful common stock offering provides us the resources to continue to meet the entrepreneurial and expansion demands of our small business owners,” says Patricia (Patti) A. Husic, president and CEO of Centric Bank.

“The capital raised will be used to support our organic growth, make system-wide technological and cybersecurity advancements, and meet additional corporate commitments. This raise will increase our tangible common equity to assets ratio from 7.01% to 9.92% as of March 31, 2018,” says Husic. “This exciting development reinforces Centric Bank’s mission of financing new frontiers for the job creators in our local markets.”

KBW, A Stifel Company, was named in Institutional Investor’s 2017 America’s Top Corporate Access Providers. The firm was recognized as number 1 in mid-cap banks, number 3 in large-cap banks, and number 3 in consumer finance.

“KBW was honored to have the opportunity to work with Centric Bank on their capital raise. We know this capital will provide them the opportunity to continue to grow and serve their communities,” says Lisa J. Schultz, co-head of Capital Markets at KBW.