Guaranty Bancorp Raising $50 Million from PE

Guaranty Bancorp has entered into an agreement to sell $50 million of mandatory convertible, noncumulative preferred stock to Castle Creek Capital, Patriot Capital, and Relational Investors. The shares will be convertible after two years and mandatorily convertible at the end of five years, at a price of $1.80 per share. The $50 million will boost the bank's GAAP equity ratio to 10.2% and its tangible common equity ratio to 9.2%.