BayFirst Financial Corp.
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BayFirst Financial (BAFN) has successfully raised $80 million in capital through a private investment in public equity offering. This capital raise, coupled with the appointment of Alfred Rogers as the new CEO and president of BayFirst National Bank, aims to restore the company to profitability and growth as a leading financial institution in Tampa Bay. Rogers replaces the retiring Tom Zernick.
BayFirst Financial Corp. (BAFN) has successfully raised $80 million through a PIPE offering, which will convert into approximately 22.9 million common shares. This capital injection is intended to significantly boost the bank's capital ratios, enabling it to meet regulatory requirements after previously falling short. Concurrently, Alfred Rogers has been appointed CEO of BayFirst National Bank, succeeding the retiring Tom Zernick, following a quarter where the company reported a net loss of $5.7 million.
BayFirst Financial (BAFN) has announced an $80 million private investment in public equity (PIPE) through mandatorily convertible preferred stock and a $3.50 per share public offering to shareholders. This recapitalization is intended to significantly strengthen the company's capital ratios, with a planned $42 million contribution boosting the Bank's Tier 1 leverage ratio to 10.02% and CET1 to 13.13%. The announcement comes alongside a reported net loss of $5.7 million for Q1 2026 and the appointment of Alfred T. Rogers Jr. as the new President and CEO of BayFirst National Bank.
