Oakland, CA – Gateway Bank, F.S.B. (OTCPK: GWBK) (“the Bank”) announced the successful completion of a private placement of $16.1 million of the Bank’s common stock to certain institutional and accredited investors. Proceeds will be deployed to strengthen regulatory capital ratios while also supporting both organic growth and strategic expansion into new markets across the Bay Area.
Brean Capital LLC’s FIG Investment Banking team (formerly part of Janney Montgomery Scott’s Capital Markets Group), acted as financial advisor in the private placement.
“This capital raise is a testament to the strength of our bank and the dedication of our Board of Directors, management and team members,” stated James Keefe, Chairman of the Board. “Combined with Mukhtar Ali’s leadership as our new President and CEO, it marks a pivotal moment for our organization. We are well positioned to deepen our customer relationships, expand into additional Bay Area communities, and drive shareholder returns.”
Mukhtar Ali, President and CEO added, “The completion of this capital raise positions Gateway Bank to accelerate our growth initiatives while staying anchored to what matters most — our customers. Continued consolidation in the Bay Area banking space has created meaningful market dislocations, opening gaps that we are uniquely positioned to capture. We see a compelling opportunity ahead, and strategic deployment of these funds will let us move decisively into those gaps, driving sustainable value creation and stronger financial performance over the coming years. We’re committed to improving our profitability, and our talented team is determined to position Gateway Bank into a leading community bank in the Bay Area.”
About Gateway Bank, F.S.B.
Gateway Bank is a Federally-chartered savings bank headquartered in Oakland, California and began operations on June 8, 1990. The Bank currently operates out of its offices located in Oakland’s Chinatown and Walnut Creek, and offers banking services to individuals and businesses in the San Francisco Bay Area.
About Brean Capital, LLC
Founded in 1973, Brean Capital is a nationally recognized full-service investment firm specializing in capital raising and advisory services with a focus on private placements, securities underwriting and merger and acquisition-related services. Brean Capital utilizes a “client-driven” capital markets approach in order to provide high quality investment banking services through both favorable and difficult market cycles. Our focus is on developing and maintaining long-term advisory relationships. Our clients benefit from both an industry-focused, service-oriented firm and the multi-product capability of a full-service investment bank.
Brean Capital’s success is derived from aligning with companies and management teams in evaluating alternatives and executing a broad range of strategic and financial options tailored to meet our clients’ specific goals. Our investment banking practice is comprised of highly skilled professionals, with extensive experience across a broad range of products within targeted industries. For more information, visit: www.breancapital.com.