Bank raises $10M, seeks new clients

ST. PETERSBURG — Fourth Street Banking Co., the holding company for St. Petersburg-based Freedom Bank, raised $10 million in a capital raise offered to existing shareholders.

“We are pleased with the swift and most favorable response to this offering, reflecting the confidence that our shareholders have in the current and future performance of our holding company and Freedom Bank,” says Freedom CEO Cathy Swanson in a statement.

The company has invested the funds in future growth, according to the statement, and other parts of the capital could be used in alternative investments. Fourth Street Banking Chairman Neil Savage says the capital “allows our company to be best positioned for continued growth as we seek new clients for our Bank and expand business opportunities within the financial services industry as the only St. Petersburg based community bank.”

Freedom Bank was founded in 2005. It has two branches, both in St. Petersburg, and had $179.2 million in assets through Sept. 30.