{"id":956760,"date":"2026-04-30T16:03:49","date_gmt":"2026-04-30T20:03:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bayfirst-financial-corp-announces-substantial-capital-raise-names-alfred-rogers-as-bank-chief-executive-officer-and-reports-first-quarter-2026-results\/"},"modified":"2026-04-30T16:03:49","modified_gmt":"2026-04-30T20:03:49","slug":"bayfirst-financial-corp-announces-substantial-capital-raise-names-alfred-rogers-as-bank-chief-executive-officer-and-reports-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bayfirst-financial-corp-announces-substantial-capital-raise-names-alfred-rogers-as-bank-chief-executive-officer-and-reports-first-quarter-2026-results\/","title":{"rendered":"BayFirst Financial Corp. Announces Substantial Capital Raise, Names Alfred Rogers as Bank Chief Executive Officer, and Reports First Quarter 2026 Results"},"content":{"rendered":"
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ST. PETERSBURG, Fla., April 30, 2026 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (\u201cBayFirst\u201d or \u201cCompany\u201d), parent company of BayFirst National Bank (\u201cBank\u201d) today reported the Company has raised $80 million of capital from investors in a private investment in public equity (\u201cPIPE\u201d) offering. The Company has issued shares of convertible preferred stock in the PIPE, which subject to shareholder and regulatory approvals, will convert to, or be exchanged for, approximately 22.9 million shares of common stock at an effective purchase price of $3.50 per share.<\/p>\n

Additionally, the Company reported a net loss of $5.7 million, or $1.48 per common share and diluted common share, for the first quarter of 2026, compared to a net loss of $2.5 million, or $0.69 per common share and diluted common share, in the fourth quarter of 2025.<\/p>\n

\u201cToday we announce a substantial recapitalization of BayFirst Financial Corp. and BayFirst National Bank,\u201d stated Anthony Saravanos, Chairman of the Board of Directors. \u201cThis successful capital raise reflects the trust our investors place in our institution and our long-term strategic direction. I am also pleased to announce that the Board has elected Alfred Rogers as Chief Executive Officer and President of the Bank, in place of Tom Zernick who is retiring. Al is a veteran banker who is well respected across the Tampa Bay market. He served as CEO of Manufacturers Bank of Florida and most recently as Executive Vice President and Chief Lending Officer of USAmeribank, which was acquired by Valley National Bank.<\/p>\n

\u201cThe Board of Directors believe that Al\u2019s experience and leadership, combined with this capital raise, will lead BayFirst back to profitability and growth as the premier financial institution of Tampa Bay.\u201d<\/p>\n

\u201cI am excited to begin my next chapter with the Board and the Bank\u2019s leadership at BayFirst,\u201d said Rogers. \u201cWhile progress has been made with our focus on Community Banking, much work lies ahead for us. Our terrific network of branches and dedicated people are the ideal foundation for BayFirst to become the community bank of choice in our market. I\u2019ve been proud to have led several community banks in our area, with each serving and growing local businesses and retail customers. BayFirst has that same dedication to this community, and I\u2019m looking forward to rolling up my sleeves with the team to accomplish great things right here in our backyard.\u201d<\/p>\n

Saravanos concluded, \u201cthe Board of Directors have made additional decisions, including the resumption of dividend payments to our preferred shareholders and will formally redeem the Series A preferred shares. Furthermore, the Board has appointed Kenneth R. Lehman as a member of the Boards.\u201d Mr. Rogers’ appointment to the Board of Directors of the Bank and as Chief Executive Officer have received all necessary regulatory approvals and became effective upon the completion of the capital raise. The appointments of Mr. Rogers as CEO and President of the Company, as well as a director, is contingent upon receipt of regulatory non-objections. Mr. Lehman’s appointment to the Boards of Directors of the Company and the Bank are contingent upon receipt of regulatory non-objections.<\/p>\n

\n First Quarter 2026 Performance Review<\/strong>\n <\/p>\n