KNOXVILLE, TN — January 12, 2017 — Mountain Commerce Bancorp, Inc., the holding company of Mountain Commerce Bank, announced that on December 29, 2016 it completed a private placement of common stock yielding gross proceeds of $20,000,004. The company issued 1,666,667 shares at $12.00 per share.
“We are pleased that a number of well-respected institutional investors participated in the private placement, which was oversubscribed,” said Bill Edwards, president and chief executive officer of Mountain Commerce Bank. “The additional capital will be used to support the growth of the bank, which closed 2016 with assets of approximately $619 million.”
About Mountain Commerce Bank
Mountain Commerce Bank (MCB) is a state-chartered, FDIC-insured, century-old, privately held financial services institution headquartered in Knoxville, Tennessee and serving East Tennessee. Through Hometown Service and Smart Technology, MCB offers big bank products and services, with the personal attention and exceptional service of a hometown community bank.
At the end of December 2016, MCB had $619.1 million in total assets and $541.2 million in total deposits. MCB currently employs more than 70 individuals at five branches and one operations office. For more information, visit us at www.mcb.com or check your account any time at 1-866-MCB-1910. MCB is an equal opportunity employer.