B. Riley FBR Acts as Sole Placement Agent to Infinity Bank
February 07 2018 - 9:00AM
B. Riley FBR, Inc. (“B. Riley FBR”), a leading full service
investment bank and wholly-owned subsidiary of B. Riley Financial,
Inc., announced today that it acted as the sole placement agent to
Infinity Bank, a California-based de-novo community bank, in its
$33 million capital raise. The offering was oversubscribed and
upsized from its original size of $30 million.
The proceeds of this transaction will be used to capitalize
Infinity Bank and to provide funds for its lending and investment
operations and for other general business purposes. The transaction
closed on February 1, 2018.
“After working with the B. Riley FBR team during this
transaction, we were able to see firsthand their proven track
record of raising capital quickly and efficiently,” said Bala
Balkrishna, President and Chief Executive Officer of Infinity Bank.
“The team had a deep understanding of our business objectives and
worked diligently to provide subscriptions for $15 million of the
total $33 million of capital raised for our de-novo bank. This
capital provides us the resources to start our bank and grow it
into a highly-regarded community bank in Southern California.”
“B. Riley FBR remains committed to leveraging our firm’s broad
distribution capabilities amongst both institutional investors as
well as high net-worth individuals to provide formation capital for
our clients. Our team strived to help Infinity Bank attain its
objectives and deliver quick results,” said Ajay Asija, Senior
Managing Director and Group Head at B. Riley FBR. “In addition, B.
Riley FBR also invested in the transaction for 9.9% of the overall
capital raise. We are very pleased to have been able to provide a
pivotal capital raise for a new bank like Infinity Bank, keeping up
with B. Riley FBR’s long tradition of raising capital in innovative
ways to form new companies.”
Nelson Mullins Riley & Scarborough LLP served as B. Riley
FBR’s counsel and Richard E. Knecht served as Infinity Bank’s
counsel in connection with this transaction.
About Infinity BankThe Bank is focused on
relationship-based banking services to locally owned and operated
businesses, their owners, employees and families. These include a
broad selection of depository products as well as business loans
and commercial real estate financing products uniquely designed for
each client. Infinity Bank’s primary market area includes Los
Angeles and Orange counties. The Bank’s website is
www.goinfinitybank.com.
About B. Riley FBR, Inc.B. Riley
FBR, Inc. is a leading investment bank which provides
corporate finance, research and sales and trading to corporate,
institutional and high net worth individual clients. Investment
banking services include initial secondary and follow-on offerings,
institutional private placements and merger and acquisitions
advisory services. The firm is nationally recognized for its highly
ranked proprietary equity research.
B. Riley Financial, Inc. (NASDAQ:RILY), through its
subsidiaries, provides collaborative financial services and
solutions to the capital raising and financial advisory needs of
public and private companies and high net worth
individuals. The company operates through several wholly-owned
subsidiaries, including B. Riley FBR,
Inc., Wunderlich Securities, Inc., Great American Group,
LLC, B. Riley Capital Management, LLC (which
includes B. Riley Asset Management, B. Riley Wealth
Management, and Great American Capital Partners, LLC) and B.
Riley Principal Investments, a group that makes proprietary
investments in other businesses, such as the acquisition
of United Online, Inc.
Media Contact Joe LoBello LoBello
Communications Tel: (516) 902-2684
B Riley Financial (NASDAQ:RILY)
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