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Saturday, Sep 23, 2023

B. Riley Raises Startup Capital for Infinity Bank

B. Riley FBR Inc. on Wednesday announced it acted as the sole placement agent for Infinity Bank in its $33 million equity capital raise. The transaction closed on Feb 1. The subsidiary of the Woodland Hills financial service company B. Riley Financial Inc. said the client is a new bank. The proceeds of the placement will capitalize the bank and provide for other business purposes. Infinity is based in Santa Ana. “Our team strived to help Infinity Bank attain its objectives and deliver quick results,” Ajay Asija, senior managing director at B. Riley FBR, said in a statement. “In addition, B. Riley FBR also invested in the transaction of 9.9 percent of the overall capital raise. We are very pleased to have been able to provide a pivotal capital raise for a new bank like Infinity Bank.” Shares of B. Riley (RILY) closed Thursday down 15 cents, or almost 1 percent, to $18.45 on the Nasdaq.

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