Prime Banc Corp., the holding company of Dieterich Bank with its headquarters in Effingham, recently completed a common stock offering of $15 million to existing shareholders and other accredited investors. The company intends to use the proceeds to prepay an existing holding company note and to support future growth.
Chuck Deters, CEO of Prime Banc Corp., stated, “Existing shareholders and new shareholders, both of whom represent the communities we serve, demonstrated a level of confidence in our organization through their eagerness to invest that is a true reflection of the value of our company. The capital we raised will support our future growth initiatives and allow us to remain committed to maximizing shareholder value.”
Dieterich Bank is a $700 million community bank that originated in Dieterich, Illinois, in 1909. Serving both commercial and consumer markets, it has grown to include 130 employees and eight branches in Effingham, Jasper, Fayette, Randolph and St. Clair counties.