GrandSouth Bancorporation Announces Completion of $20 million of Common Stock and Subordinated Notes
GREENVILLE, S.C., May 15, 2019 /PRNewswire/ — GrandSouth Bancorporation (OTCQX: GRRB), parent company of GrandSouth Bank, recently completed the private placement of $10 million of Common Stock at $16.50 per common share. This sale of common stock was a private placement to 120 individual investors across South Carolina. In addition to the sale of common stock, the company completed the private placement of $10 million of Subordinated Notes.
President and CEO JB Schwiers commented, «With an average investment of $83,333 in 32 different municipalities across the state, this common stock raise shows the desire of South Carolinians for the special brand of community banking GrandSouth Bank provides. This brand includes highly experienced bankers who have an intense focus on customer service and support for the long-term success of our customers.»
The company will use these funds to invest in its subsidiary bank, GrandSouth Bank, to fund the continued growth of the company throughout its existing markets in the Upstate, Midlands, and the Lowcountry of South Carolina.
About GrandSouth Bank:
GrandSouth Bank was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers many commercial banking services for individuals and small businesses. The bank has over $800 million in assets, including over $600 million in gross loans. Learn more at: https://www.grandsouth.com/.
View original content to download multimedia:http://www.prnewswire.com/news-releases/grandsouth-bancorporation-announces-completion-of-20-million-of-common-stock-and-subordinated-notes-300850828.html
SOURCE GrandSouth Bank