Tower Bancorp to raise $50 million in public offering of common stock

Fri. August 21, 2009; Posted: 02:47 PM

Aug 21, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- TOBC | Quote | Chart | News | PowerRating -- Tower Bancorp, Inc., a US-based bank holding company, has commenced an underwritten public offering of up to $50 million of shares of its common stock.

In addition to the offering by Tower Bancorp, certain of the company's officers and directors intend to sell up to 159,074 additional shares of its common stock as part of the offering. Tower Bancorp 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.

Raymond James & Associates, Inc. is acting as lead book-running manager, while Keefe, Bruyette & Woods, Inc. and Stifel, Nicolaus & Company, Inc. are serving as co-managers for the offering.

Tower Bancorp expects that the pricing of the offering will occur during the week of August 24, 2009.

Deal Value (US$ Million) 50
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-08-20

Deal Participants

Target (Company) Tower Bancorp, Inc.

Deal Rationale

Tower Bancorp intends to use the 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.

For full details for TOBC click here.

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