The Shimane Bank, Ltd. (TSE:7150) announced a private placement of 2,840,000 common shares at a price of ¥549 for proceeds of ¥1,559,160,000 and 940,840 class A preferred stock at a price of ¥1,000 for proceeds of ¥940,840,000, for aggregate gross proceeds of ¥2,500,000,000 on September 6, 2019. The transaction included participation from new investor SBI Holdings, Inc., Investment Arm for 1,747,200 common shares and 940,840 class A preferred shares for proceeds of ¥1,900,052,800 and SBI Regional Bank Value Creation Fund, operated by SBI Asset Management Co., Ltd. for 1,092,800 common shares for proceeds of ¥599,947,200. The transaction is expected to close on November 29, 2019. The company will incur ¥65,000,000 as issuance expenses, financial advisory fee, registration license tax, attorney fee, fair value calculation cost of the preferred stock, document preparation cost for securities registration statement, and will receive net proceeds of ¥2,435,000,000 in the transaction. SBI Asset Management Co., Ltd. will hold 20.76% in the company post the transaction. The securities are issued through third part allotment method.