INDUSTRY BANCSHARES ANNOUNCES CAPITAL RAISE UPDATE

  

Industry Bancshares, Inc. is executing a stock purchase agreement with a firm to serve as lead investor in Industry’s $195 million common stock raise.

The agreement with bank holding company CSBH, LLC, announced in a release on Tuesday, will provide additional capital to Industry Bancshares to support services to its customers and communities. 

Industry Bancshares President J. Doak Hartley said the agreement is “a testament to the direction, ambition, and values of our company, including its six bank subsidiaries.”  He said the investment “supports the ability to capitalize on our unparalleled position in the heart of the Texas Triangle.”

Recently, the Industry Bancshares Board of Directors brought in Carl Chaney as Executive Chairman and Brian Hobart as Chief Executive Officer.  The two were described by Industry as “key leaders of the capital raise offering.”   A capital raise is when a company asks investors to provide capital through equity or debt.

CSBH is supervised by the Federal Reserve System and is the parent company of Virginia-based New Horizon Bank.  CSBH Director and Founder Uriel Cohen said the firm is “excited to partner with the Industry team”, adding that Industry “plays a vital role in its communities.”

Industry Bancshares owns six main banks located in Industry, Brenham, Bellville, Fayetteville, Shiner and Buffalo.

The completion of the investment is subject to standard and customary regulatory approvals and conditions outlined in the stock purchase agreement. 

Hovde Group, LLC is serving as sole placement agent and exclusive financial advisor and Alston & Bird as legal counsel to Industry Bancshares.  Clear Street is serving as investment advisor and Baker Donelson as legal counsel to CSBH.