Fortis Financial Inc., our parent company, announced the successful completion of a $15 million private placement of common equity to Patriot Financial Partners III, L.P.
The additional capital will support continued organic growth through the execution of Fortis Private Bank’s private banking strategy in high growth metropolitan markets including Denver, CO and Salt Lake City, UT.
Brian Soeldner, Chairman and CEO of Fortis Financial Inc. stated, “We are excited to have a partner of Patriot’s caliber to support the bank’s continued growth. This additional capital enables us to continue to execute on our business plan of delivering products and services tailored to affluent and high net worth individuals as well as their business interests. We appreciate the confidence Patriot Financial Partners has placed in us and we look forward to working with them going forward.”
Jim Lynch, Managing Partner of Patriot Financial Partners, stated, “We believe that we have found a rare opportunity in Fortis. We were drawn to Fortis by their progressive management team, unique client service model and ability to execute a focused business strategy in the Denver and Salt Lake City markets.” Mr. Lynch is joining the Boards of Directors of Fortis Financial, Inc. and Fortis Private Bank.
Shapiro Bieging Barber Otteson LLP served as legal counsel and Sandler O’Neill & Partners, L.P. served as placement agent to Fortis Financial Inc.
About Fortis Private Bank
Fortis Private Bank, with $579.0 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with offices in the Denver and Salt Lake City metropolitan areas. The bank provides personal and business clients with a full suite loan and deposit products with specialty areas including medical practitioners, attorneys and other professional service firms.
About Patriot Financial Partners
Founded in 2007, Patriot Financial Partners is a private equity firm focused on investing in community banks, thrifts and financial services related companies throughout the United States. Patriot’s objective is to seek superior risk-adjusted returns by applying a hands-on, value-added investment model to non-control investments within the community banking sector, which consists of more than 1,000 public and privately-held depository institutions that have between $500 million and $5 billion of assets. Patriot has expanded its focus to include adjacent niche markets within the financial services sector.
