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Private Placement Offering of Preferred Stock
12 Months Ended
Dec. 31, 2017
Private Placement Offering of Preferred Stock  
Private Placement Offering of Preferred Stock

Note 16: Private Placement Offering of Preferred Stock

During 2016 the Company issued 31,625 shares of non‑cumulative, perpetual preferred stock at $1,000 per share for aggregate gross proceeds of $31.6 million and net proceeds after offering expenses of $31.6 million. During the fourth quarter of 2015, the Company issued 10,000 shares of non‑cumulative, perpetual preferred stock to certain related parties at $1,000 per share for aggregate gross proceeds of $10.0 million. All preferred shares are non‑voting. The preferred shares have an 8% yield and dividends are payable quarterly.