Spirit of Texas Bank sells branch, raises millions through private placement

Conroe-based Spirit of Texas Bancshares Inc. (Nasdaq: STXB) raised millions of dollars through a private placement, the bank holding company announced.

The Spirit of Texas Bank parent company issued $37 million in subordinated notes due 2030 to institutional accredited investors and buyers in a private placement, according to a July 27 news release. Spirit of Texas intends to use the net proceeds from the note sale for regulatory capital purposes, according to a July 27 filing with the U.S. Securities…