Capital Bancorp, Inc., the bank holding company for Capital Bank, National Association, today announced the pricing of its initial public offering of 2,228,736 shares of its common stock at a public offering price of $12.50 per share. Of the offered shares, 1,500,000 shares are being offered by Capital and 728,736 shares are being offered by selling shareholders. Capital has granted the underwriters a 30-day option to purchase up to an additional 334,310 shares of its common stock. Capital's common stock is expected to begin trading on the Nasdaq Global Select Market under the trading symbol "CBNK" on Wednesday, September 26, 2018.
Capital intends to use the net proceeds from the proposed offering to fund the organic growth of its commercial and consumer business lines and for general corporate purposes, which could include future acquisitions and other growth initiatives. Capital will not receive any proceeds from the sale of shares of common stock by the selling shareholders in the offering.
Keefe, Bruyette & Woods, A Stifel Company, and Stephens Inc. are acting as joint book-running managers for the offering. Sandler O'Neill + Partners, L.P. and Hovde Group, LLC are acting as co-managers for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 25, 2018. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Capital Bancorp, Inc.
Capital is a registered bank holding company for Capital Bank, National Association, headquartered in Rockville, Maryland. Capital Bank, National Association, is a commercial-focused national banking association that offers commercial and consumer banking services to clients in the Washington, D.C.and Baltimore, Maryland metropolitan areas, alongside two nation-wide consumer lending brands, Church Street Mortgage, a mortgage division that originates conventional and government-guaranteed residential mortgage loans, and OpenSky, which provides secured credit cards to under-banked populations and those looking to rebuild their credit scores. As of June 30, 2018, Capital had total assets of $1.1 billion, total loans held for investment of $920.8 million, total deposits of $938.4 million, and total stockholders' equity of $87.0 million.
