The parent company of Georgia Commerce Bank said Wednesday it has raised $25.5 million in investor cash in a move that could open the door for future acquisitions.
Georgia Commerce has emerged as a player in the sweepstakes to buy up failed rivals. Bank Chairman and CEO Mark Tipton said his institution is focusing its attention on acquiring an operating bank, though it will look at failed ones. Georgia Commerce also is aiming for organic growth within its existing footprint across northern metro Atlanta.
Georgia leads the nation in failures with 84 since mid-2008, but the number of closures in the state and around the country slowed in 2012.
Analysts expect failures to continue this year, but the slowdown has led to speculation that natural merger and acquisition activity could soon heat up as wounded banks that survived the downturn could soon decide it better to merge than compete against stronger adversaries. Regulatory burdens, experts say, also are rising.
“Scale matters and we feel like we need to continue to grow,” said Tipton, whose bank is about $725 million in assets and operates seven branches, including locations in Buckhead, near Cumberland Mall, and Marietta.
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