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Additional capital provides Industry support to better serve communities
Industry Bancshares, Inc. announces the execution of a Stock Purchase Agreement (the “Agreement”) with CSBH, LLC to serve as Lead Investor in its $195 million common stock raise (the “Investment”).
“The execution of this Agreement is a testament to the direction, ambition, and values of our company, including its six bank subsidiaries,” said J. Doak Hartley, President of Industry Bancshares, Inc. “The Agreement provides additional capital to support our focus on serving our customers and communities with the exceptional experience they have come to expect. This Investment also supports the ability to capitalize on our unparalleled position in the heart of the Texas Triangle, an area with 21 million residents and $1.8 trillion in economic activity “ “Our team added significant depth in conjunction with this common stock raise,” continued Hartley. “Carl J. Chaney joined as Executive Chairman, and Brian E. Hobart joined as Chief Executive Officer. Both of these gentlemen are accomplished banking leaders with decades of invaluable knowledge and experience that will benefit Industry’s employees, customers, communities, and shareholders going forward.”
“We are excited to partner with the Industry team,” said Uriel Cohen, Director and Founder of CSBH, LLC. “Industry plays a vital role in its communities; serving households, businesses, farmers and ranchers, municipalities, and nonprofits. We have seen the passion Industry has for its customers and communities, and we eagerly anticipate working together to build upon the exceptional legacy Industry has established in its markets.”
Industry Bancshares, Inc. is the bank holding company for the Bank of Brenham, N.A., Citizens State Bank, Fayetteville Bank, First National Bank of Shiner, First National Bank of Bellville, and Industry State Bank. Insurance services are provided through ISB Insurance, and wealth management services are provided through Community Financial Partners.
CSBH, LLC is a bank holding company supervised by the Federal Reserve System, and is the parent company of New Horizon Bank, N.A.
The completion of the Investment is subject to standard and customary regulatory approvals and conditions outlined in the Agreement.
Hovde Group, LLC is serving as sole placement agent and exclusive financial advisor and Alston & Bird as legal counsel to Industry Bancshares, Inc. Clear Street is serving as investment advisor and Baker Donelson as legal counsel to CSBH, LLC.
Contact Industry Bancshares, Inc. President J. Doak Hartley at 979-357- 4400.
