FAYETTEVILLE, Ark., May 01, 2024 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX:WRIV) (the "Company"), the holding company for Signature Bank of Arkansas (the "Bank"), today announced that it has completed a private placement of $12.46 million of the Company's common shares to certain accredited investors. The Company issued 226,619 shares of common stock at a purchase price of $55.00 per share in connection with the private placement transaction. The Company expects to use the proceeds from the capital raise to support organic and strategic growth opportunities. "The success of this capital raise is a reflection of the strength of our bank and the dedication of our Board of Directors, management and team members as we expand our community bank throughout the state of Arkansas, providing our style of community banking to communities who need us," said Gary Head, Chairman and Chief Executive Officer. "This additional capital will support our strategy and growth plans as we continue to focus on supporting the customers and communities we serve and on building long-term value for our shareholders." The shares were offered on a best-efforts basis through Performance Trust Capital Partners LLC, which served as the sole placement agent for the offering. Holland & Knight LLP served as legal counsel to the Company and Troutman Pepper Hamilton Sanders LLP provided legal counsel to the placement agent.