Northpointe Bancshares, Inc. Closes Non-Cumulative Perpetual Preferred Stock Offering

Northpointe Bancshares, Inc. Closes Non-Cumulative Perpetual Preferred Stock Offering

Press Release (ePRNews.com) - Dec 30, 2020 - Northpointe Bancshares, Inc. (“Northpointe”), parent company of Northpointe Bank, announced today that it has completed a private placement of 3,800,000 depositary shares, each representing a 1/40th interest in a share of its 8.25% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, to certain qualified institutional buyers and accredited investors. Each preferred share has a liquidation preference of $1,000, equivalent to $25 per depositary share.

As a result of the private placement, Northpointe received proceeds of approximately $91 million, net of estimated expenses and placement agent fees, which Northpointe intends to use for general corporate purposes.

Piper Sandler & Co. and Performance Trust Capital Partners, LLC acted as placement agents. Alston & Bird LLP served as legal counsel to Northpointe and Holland & Knight served as legal counsel to the placement agents.

About Northpointe Bank

Northpointe Bank, headquartered in Grand Rapids, Michigan, is a client-focused company that provides home loans and retail banking products to communities across the nation. Our mission is to be the best bank in America by bringing value and innovation to the people we serve.  For each of the past six years, Independent Community Bankers of America® has ranked Northpointe Bank as a top-performing bank in the nation out of approximately 5,000 ICBA member banks*. Learn more about Northpointe Bank at:  www.northpointe.com.  Member FDIC – Equal Housing Lender.

Contact:

Brian Kuelbs, Executive Vice President, Chief Financial Officer & Chief Investment Officer
616-600-4155        
brian.kuelbs@northpointe.com

# # #

* – Source: Best Performing Community Banks; Independent Community Bankers of America ranked Northpointe Bank as best performing bank according to return-on-equity for banks with assets over $1 billion

Source : Northpointe Bancshares, Inc.
SHARE :  
Business Info :
Northpointe Bank

You may also like this  

Login

Or using ePRNews Account

Don't have an account ? Sign Up

Register New Account

Already have an account ? Login

Reset Password

Already have an account ? Login

DISCLAIMER

If you have any concerns regarding this press release, please contact the Author / Media Contact / Business of this press release. ePRNews is not resposible for the accuracy of the news posted and do not endorse, support any product/ services/ business mentioned and hereby disclaims any content contained in this press release.