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In addition to the offering by the company, certain of its officers and directors intend to sell up to 159,074 additional shares of the company's common stock as part of the offering.
Raymond James & Associates is serving as lead book-running manager of the offering with Keefe, Bruyette & Woods and Stifel, Nicolaus & Company serving as co-managers.
The company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the total number of shares to be sold by the company in the offering to cover over-allotments, if any.
At the company's request, the underwriters have reserved up to 160,000 shares of common stock for sale in the offering to the company's directors, officers and employees, and to persons having business relationships with the company, at the same offering price as that of the offering. The company expects that the pricing of the offering will occur during the week of August 24, 2009.
The company intends to use the net proceeds from the offering for general corporate purposes, including contribution to the capital of its bank subsidiary to support the bank subsidiary's lending and investing activities; repayment of its debt; supporting or funding acquisitions of other institutions or branches if opportunities for such transactions become available; and other permitted activities. The company will not receive any proceeds from the sale of securities by any selling securityholders in the offering.
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