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Pioneer Bancshares Inc. publicized the closing of a $12 million private placement after selling its 665,928 shares at $18 per share. According to the bank officials, the original offering last March 31 increased by 105,928 shares due to high demand. The funds raised by the company will be utilized for future loan funding and other bank acquisitions.
Jeff Wilkinson, the president and CEO of Pioneer Bank, said in an interview that the bank was focusing on its organic growth as well as its strategy in closing deals. The assets of the bank increased to 31 percent from January to June.
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