NEW YORK, Sept. 5, 2012 /PRNewswire/ -- Canadian Imperial Bank of Commerce ("CIBC", TSE: CM | NYSE: CM) has made a minority investment in StoneCastle Partners, LLC, a leading asset management and financial services company dedicated to investing and serving the community banking sector. Terms of the transaction were not disclosed. CIBC joins Charlesbank Capital Partners, a highly respected middle market private equity firm, as a minority investor in StoneCastle. CIBC's investment will support the continued growth of StoneCastle as it seeks to expand the products and services it provides to community banks and institutional investors.
Founded in 2003, StoneCastle is one of the largest investors in community banks and has developed a large and growing network of relationships with banking institutions located throughout the U.S. The company, headquartered in New York City, currently manages more than $4.0 billion in assets and offers cash management, capital market, and advisory services to banks and institutional investors. Through its innovative investment structures and deposit solutions, StoneCastle and its principals have collectively provided over $5.6 billion of capital to over 430 community banks in the U.S. and has over 400 deposit relationships through its subsidiary, StoneCastle Cash Management, LLC.
StoneCastle's current management team, led by Joshua Siegel, George Shilowitz, and Matthew Mayers will continue to manage the firm's strategy and direction.
"We are very pleased to have CIBC, one of the world's strongest banks as an investor in our company. After achieving rapid growth in assets under management in 2011, we are on pace for an even stronger year in 2012. CIBC's support is a vote of confidence in our community bank focused strategy and will help us move our business to the next level," said Mr. Siegel, Managing Principal of StoneCastle Partners.