F&M Bancorporation Inc., the parent company of The F&M Bank & Trust Company, announced today that it has raised a total of $78 million in new capital to support execution of the bank's business strategy in Oklahoma and Texas.
The company decided to increase its capital base to support its middle market and retail banking capabilities as part of its existing business plan, which included strengthening management and lending teams, streamlining its processes and investing in scalable infrastructure. Since January 2010, when the company implemented its growth plan, the company has experienced a compounded annual growth rate of approximately 20% in loans and 11% in deposits.
Anthony B. Davis, Chairman of the Board and Chief Executive Officer, said, "We are very pleased that we were able to proactively raise capital to support our growth strategy in Texas and Oklahoma. We are already seeing the results of our investment in the people and infrastructure that will allow us to continue to provide exceptional, personal service to our growing base of commercial and retail customers throughout our geographic footprint."
The $78 million in capital raised included a $40 million private placement of common stock and $38 million of preferred stock from the United States Department of the Treasury under the Small Business Lending Fund ("SBLF"). The SBLF is a voluntary program intended to spur the U.S. economy by providing capital to support small business lending to qualified regional banks at favorable rates.
F&M Bancorporation Inc is a bank holding company headquartered in Tulsa, Oklahoma with total assets at June 30, 2011 of approximately $1.7 billion. Its principal activity is the ownership and operation of The F&M Bank & Trust Company, a state-chartered regional bank with commercial, retail and mortgage banking operations out of nine branches in Tulsa and two locations in Dallas. For more information please visit our websites at www.FMBankTulsa.com and www.FMBankTexas.com.
Keefe, Bruyette & Woods, Inc., served as sole placement agent for the private placement of common stock and Fenimore, Kay, Harrison & Ford, LLP, served as legal counsel.
Forward-Looking Statements
This release may contain certain confidential forward-looking statements related to the future results of F&M Bancorporation Inc., including financial projections, business strategy, potential growth opportunities and competitive position.These projections and other statements are based largely on current expectations and assumptions of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by such forward-looking statements.Assumptions relating to forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control.Therefore, there can be no assurance that the results contemplated in the forward-looking information will be realized.In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be relied upon or regarded as a representation that any strategy, objectives or other plans will be achieved.F&M Bancorporation Inc. disclaims any obligation to announce publicly future events or developments that may affect the forward-looking statements herein.
Contacts:
F&M Bancorporation Inc.
Stephen C. Raffaele, 214-780-2052
Chief
Financial Officer