Looking to grow, Pioneer bank aims to raise $10 million

Apr 11, 2014
Austin American Statesman

Dripping Springs-based Pioneer Bank on Thursday said it intends to raise $10 million in additional equity capital to help take advantage of growth opportunities in the Central Texas market


In a notification filed with federal regulators, the bank said it intended to sell the securities privately, under an exemption from federal and state securities regulations


Pioneer Bank CEO Jeffrey Wilkinson said the offer would likely include a combination of existing and new investors. If Pioneer raises the full $10 million through the offer, the bank’s fourth capital raise, it will have drawn about $30 million in capital since it was founded in 2007, Wilkinson said


Since its inception, Pioneer has expanded from its headquarters location in Dripping Springs to include a network of five locations around Central Texas. In February, it announced plans to acquire a sixth location, the Union State Bank in Kerrville. Wilkinson said that acquisition should close before the end of June


The addition of Union State Bank will bring Pioneer’s assets to almost $300 million, according to the initial announcement of that deal


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