First Carolina Financial Services Announces Completion of $45,396,505 Private Placement of Common Stock 

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First Carolina Financial Services, Inc. (“First Carolina”), parent company of First Carolina Bank (the “Bank”), announced today the completion of a private placement of 1,297,043 shares of its common stock to accredited investors. The shares were sold at a $35.00 per share offering price, resulting in gross proceeds to the company of $45,396,505 before deducting fees and expenses of the offering. First Carolina intends to use the proceeds from the private placement for general corporate purposes, including to enhance capital ratios and support growth of the franchise.

Commenting on the capital raise, Ron Day, President and CEO, said, “The completion of this private placement, our eleventh to date, represents another significant milestone for the company and reflects increasing customer demand for our service model across an expanding footprint. These new proceeds will allow us to be on offense as we see opportunity in the coming months and plan to continue investing in the businesses, people, and communities that make our banking markets so attractive. With our planned acquisition of BM Technologies, Inc. expected to close in January 2025, we also see this new capital helping us expand our business given the new markets and customers we intend to serve in a much broader way with this exciting new platform for our Bank.

“Additionally, this well-planned capital raise successfully achieved all of our objectives, as we sourced the entire amount locally through our loyal and growing North Carolina shareholder base and through significant contributions from new investors in our story from Georgia, Virginia, and South Carolina, providing us with further validation of our performance and strategic plan,” Day continued. “We are excited about the possibilities ahead for our shareholders, employees, and customers.”

Wyrick Robbins Yates & Ponton LLP served as First Carolina’s legal counsel in this offering.