August 13, 2009 (FinancialWire) — Guaranty Bancorp (NASDAQ: GBNK) announced that it consummated the previously announced private placement of mandatorily convertible series A preferred stock. A total of 59,053 shares of series A preferred stock were issued in this private placement for a total capital raise of $59.1 million. The primary investors include Patriot Financial Partners, L.P., Patriot Financial Partners Parallel, L.P., Relational Investors Mid-Cap Fund I, L.P., Relational Investors Mid-Cap Fund II, L.P. and Castle Creek Capital Partners III, L.P.

Additionally, the company announced that, pursuant to the securities purchase agreement with Patriot Financial Partners, L.P. and Patriot Financial Partners Parallel, L.P., Kirk Wycoff has been appointed to serve on its board of directors and both the Audit and Corporate Risk Committees of the company’s Board. Wycoff was also appointed to the board of directors of the company’s bank subsidiary, Guaranty Bank and Trust company. Wycoff is currently a managing partner of Patriot Financial Partners, L.P. and Patriot Financial Partners Parallel, L.P., private equity funds headquartered in Philadelphia focused on investing in community banks and thrifts throughout the United States. Wycoff has more than 25 years of entrepreneurial banking experience. He also currently serves as chairman of Continental Bank, based in the Philadelphia metropolitan area. From 2005 to 2007, Wycoff served as president and CEO of Continental Bank.

John Eggemeyer, chairman of the board, stated, “We are very pleased and honored to have Kirk Wycoff join our Board. The addition of another Board member with a wealth of knowledge of, and extensive experience in, the banking industry further strengthens our Board. I, as well as each of the other members of the board and management, welcome him and look forward to working with him.”

Dan Quinn, president and CEO, stated, “We are pleased to announce the closing of $59.1 million of capital. Prior to this capital issuance, the company had an equity ratio-GAAP of 7.90% and a tangible equity ratio of 6.83% at June 30, 2009. This issuance of preferred stock significantly enhances the company’s capital position. Giving effect to this new capital, the equity ratio-GAAP and tangible equity ratio on a pro-forma basis at June 30, 2009 are 10.57% and 9.56%, respectively.”

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