Volunteer Bancorp Inc., the holding company for Civis Bank, is pleased to announce that it has concluded an offering of common stock and a newly issued series of non-voting common stock for gross proceeds of approximately $47 million. Patriot Financial Partners LP and Hermann Companies led the recapitalization of the company. Proceeds will be used to support the existing business, address the capital regulatory requirements of the company and the bank, and enable the company to make significant investments in a broad range of embedded digital banking capabilities.

As part of the recapitalization, Chris Black has joined the company and bank as chief executive officer and president and will serve on the board of directors, leading the bank’s transformation and execution of its digital growth strategy. Black most recently served as the chief financial officer of Franklin Financial Network Inc. prior to its sale to FB Financial Corporation. He is joined by an experienced management team and a new board of directors, which will be led by Joe Maxwell, who brings decades of experience as an entrepreneur and operator in the financial technology industry. Additional directors joining the board of directors will be Kirk Wycoff, John Philpott, Sarah Biller, Eugene Dibble, IV and Claudius “Bud” Watts IV.

“Our experienced team of bankers and technologists are excited to join Civis Bank to materially expand the capabilities of the bank and create a new paradigm for community banking success, which will leverage open banking capabilities designed to scale across our industry,” said Black. “We intend to use this investment to grow the company significantly while keeping the bank in Tennessee. Our team brings a wealth of experience in banking and financial technology that will lead our digital transformation and drive the performance of our unique and differentiated banking strategy.”

Black added, “We are incredibly excited to bring together this top-tier blend of talent, knowledge and opportunity to build what we believe will be a world class embedded banking platform. Our timing could not be better as our industry is experiencing incredible change, disruption and innovation. We will balance those factors with the wisdom and knowledge that banking, at its core, remains about the customer, and we intend to relentlessly focus on the experience and delivery of banking services to the small business customer.”

Evercore served as financial advisor to the investors, with Alston & Bird LLP serving as legal advisor. Ritchie Law, P.C. served as legal advisor to Volunteer Bancorp Inc.