Case Study: First Capital Bancorp, Inc.

FCB Logo_w-yellow_bandSMALLCherry Bekaert’s Financial Services Group Assists Bank With Strategic Initiatives For Future Growth

Scenario:

Within a remarkably short period of time First Capital Bancorp, Inc. completed a successful rights offering netting $17.4 million in new capital and participated in a public auction of the preferred shares issued to the U.S. Treasury, as part of TARP in 2009. They were able to retire $5.4 million of those shares, implement an asset resolution plan and significantly restructure their balance sheet.

Cherry Bekaert’s Guidance:

In order to successfully complete these concurrent transactions, the Company was required to make multiple filings with the SEC and provide multiple comfort letters to underwriters and the U.S. Treasury, all of which entailed very aggressive timelines supported by Cherry Bekaert’s unparalleled responsiveness and commitment to the client’s needs.

Result:

Through this process, not only did Cherry Bekaert provide the client with critical advice and the technical support and resources they needed when they needed them, we worked with the client around the clock to ensure that they met all of their deadlines. The deadlines were critical to allow the client to successfully complete the transactions, which were very important and immediately impacted the long-term success of the Company.