August 23, 2023
Rocky Mount, North Carolina… Ted E. Whitehurst, President and CEO of PB Financial Corporation (the “Company”) (OTCQX: PBNC), the holding company for Providence Bank, announced today the completion of a private placement of 183,726 shares of its common stock to accredited investors. The shares were sold at a $45.00 per share offering price, resulting in proceeds to the Company of $8,267,670 before deducting expenses. The Company will use proceeds from the private placement to support growth of the franchise and for general corporate purposes.
Whitehurst commented, “We are excited to announce the completion of this private placement that allowed the Company to raise $8.3 million in additional capital. We are proud to report the vast majority of the investment proceeds came from retail investors based primarily in the markets we serve. It shows the strong support we have enjoyed from our community and our clients. We remain focused on growing our franchise and providing consistent long term value to our customers, employees and shareholders.”
PB Financial Corporation is headquartered at 450 N. Winstead Avenue in Rocky Mount, North Carolina. As of June 30, 2023, PB Financial Corporation had total assets of $879.1 million, loans of $713.1 million and total deposits of $698.2 million.
This press release appears as a matter of record only and shall not constitute an offer to sell or the solicitation of an offer to buy securities.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PB Financial Corporation. Those statements may include but are not limited to statements regarding the Company’s plans, objectives, expectations and intentions and other statements identified by words such as “believes,” “considers,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects,” “would be,” and similar expressions. These statements are based upon current beliefs and expectations of management of PB Financial Corporation and are subject to significant risks and uncertainties. Actual or future results or events may differ from those set forth in the forward-looking statements. PB Financial Corporation does not undertake to update any forward-looking statements in this press release. The information as of and for the quarter ended June 30, 2023 as presented is unaudited.