Great Oaks Financial Holdings, Inc, the parent holding company for Great Oaks Bank, raised $6 million in new capital to support additional asset growth and expansion of Great Oaks Bank.  On December 19, the company issued 545,500 new shares of common stock which were offered to selected investors in a private placement transaction at $11 per share.  The investors included 15 existing shareholders who increased their holdings and 27 new investors, most of whom are business owners in the Savannah area. 

“We are delighted to complete this new capital offering in such a short time.  Existing shareholders and these new investors have expressed their confidence in our bank and in our management team by investing in our shares.  Their confidence and support create an obligation for our team to continue to produce quality asset growth and high-performance results which enhances the value of their investment,” said G. Mike Odom, Jr,. Chairman of Great Oaks.  “Locally owned banks are now uncommon in the Savannah market, and we are working to fill a void created by the consolidation of local banks into larger regional and national financial companies.  Product offerings, technology support and personal service which exceed the expectations of our small business and individual clients, and the support of our investors, are keys to our continued success.  This additional capital, which increases our bank capitalization to over $40 million, allows us to handle larger loan transactions and grow our footprint more quickly.”