First Service Bank Raises $20M Capital

Did you know that First Service Bancshares Inc. of Greenbrier recently raised $20 million?

First Service, the parent company of First Service Bank of Greenbrier, raised the money as debt from 19 investors, according to its filing last month with the Securities & Exchange Commission. The minimum investment from outside investors was $250,000, and the first sale happened on Dec. 29.

The sales commission for Hovde Group LLC of Inverness, Illinois, is estimated at $400,000, the filing said.

Kenneth Barnard, CEO of First Service Bancshares, told Whispers the money would be used to grow the bank, but didn’t offer specifics.

As of Sept. 30, First Service Bank had total assets of $420.7 million, up from $338.8 million at the same time in 2019. It had $39.8 million in equity capital at the end of the third quarter.

Its net income through the first nine months of 2020 was $3.7 million. In the same period in 2019, it was $1.8 million.