Saint Louis Bancshares, Inc. Raises More Than $27 Million to Accelerate Next Stage of Growth

ST. LOUIS, MO - Saint Louis Bancshares, Inc., the holding company for Saint Louis Bank, announced it has successfully completed its most recent raise of more than $27 million in new funds to continue to support the company's outstanding growth at Saint Louis Bank and further bolster its capital ratios.
The capital raise was led by CFO Kevin O'Keefe and consisted of three parts: a private placement of $10MM Series A non-cumulative perpetual preferred stock, roughly $4MM of new common equity, and two new debt facilities providing more than $13MM of new capacity. "One of the first tasks we asked of Kevin was replenishing our capital ahead of what we believe to be several years of continued growth. The new funds raised by our holding company will provide strong capital support to our bank," said the bank's CEO, Travis Liebig. "We are excited to have Kevin O'Keefe as part of our team as we position ourselves for our next chapter."
In late 2018, Liebig and a small group of local business leaders acquired Saint Louis Bancshares and set into motion their ambitious growth agenda, with an initial target of $1B in total assets. Since then, the bank has doubled in asset size, with growth in the loan portfolio of over 250%. The bank's impressive growth trend has far outpaced that of its peers, as the bank continues to build momentum and gain market share. "We want to continue to operate from a position of strength and this most recent capital raise will allow us to expand our reach in serving business owners in our region. Our balance sheet also provides protection if the economy faces a downturn. The added layer of protection from the new capital provides the ability to withstand losses during unforeseen economic conditions while ensuring we are always able to serve the local business economy," added Liebig.
Throughout 2022, the bank grew its core earnings by over 80% and loans by 40%, while also drawing in deposits at more than 20% annualized, despite the market trends for deposits shrinking materially. "We believe Saint Louis Bank's record of performance and proven ability to execute our growth strategy are key factors in successfully securing additional growth capital," President, Gant Harper stated. "With our strengthened capital position, we will accelerate shareholder returns by serving more middle-market clients with enhanced technology and a more customized approach to assist their success."
"The growth engine we have put in place over the past few years has taken hold as small to mid-sized companies take note of our ability to find swift solutions, our leadership in the community, and our devotion to customer service," said Liebig. "Our team is dedicated to our mission of being a reliable resource for our clients. I couldn't be prouder of the effort they continue to exhibit, and our results reflect the progress we are all making together. "
Two advantages of Saint Louis Bank's model include corporate culture and continued investments in technology. On the culture front, a "refresh" in 2019 allowed new leadership to reset their focus on the future. Liebig explained how the emphasis on attracting and developing "A-Players" has added to the momentum of its internal and external banking efforts. There is also an emphasis on making employees owners of the business. Currently, 100% of the Bank's employees are shareholders in Saint Louis Bancshares, Inc., according to Liebig.

Saint Louis Bank
9811 S 40 Dr, St. Louis, MO 63124

Kevin King
Chief of Staff
kking@stlouisbank.com
314-550-5431

Saint Louis Bank, owned and operated by Saint Louis Bancshares Inc. and headquartered in St. Louis, MO, is a leading community bank approaching $1 Billion in total assets. Saint Louis Bank is dedicated to driving small to mid-size businesses into the future by providing comprehensive banking solutions, expertise, and insights that add value and efficiency to their operations. Learn more at stlouisbank.com

This release was published on openPR.