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2007 - CNBS - CR

CNBS Financial Group, Inc. Completes De Novo Capital Raise


DPP served as a co-lead placement agent for CNBS Financial Group, Inc. ("CNBS") in the $33.7 million private placement. $15 million was also raised through the company’s directors. The proceeds of the offering will be used to capitalize the proposed savings bank and for general corporate purposes. The $48.7 million in capital makes the offering for CNBS one of the largest capital raises for a de novo bank in the history of Florida banking.

DPP, as part of its role as co-lead agent, assisted CNBS in all facets of the capital raise including the idea to start the bank, introducing directors, recruiting the other co-lead agent, compiling investor lists, preparing investor offering materials and presentations, assisting directors in the solicitation of investor interest including one-on-one meetings, and assisting in opening new IRA accounts. In addition to working with the directors, DPP was able to attract interest from institutional investors as well as interest from its own proprietary investor relationship base.

Our Client


CNBS is the parent of Community National Bank of the South, a national bank based in Lake Mary, Florida which opened in April of 2007. CNBS also intends to file an application with the Office of Thrift Supervision to organize a proposed savings bank in Sarasota, Florida. 

Jerry D. Campbell, the Chairman and CEO of Tampa-based CNBS, was the founder and former Chairman of Republic Bancorp, Inc., which was acquired by Citizens Banking Corporation in December 2006 and is now called Citizens Republic. Under Campbell’s leadership, from 1986 to the time of its acquisition, Republic grew to over $6 billion in assets and more than 90 retail, commercial and mortgage banking offices in Michigan, Ohio and Indiana. Prior to forming Republic, Mr. Campbell had started three banks in Florida that were subsequently sold.


Managing Director
Financial Institutions