Union Bankshares raises $62.6 million through public offering of common stock
UBSH | Quote | Chart | News | PowerRating -- Union Bankshares Corporation, a US-based multi-bank holding company, has completed its public offering of 4.725 million shares of its common stock at a price of $13.25 per share raising gross proceeds of $62.6 million.
Update on September 10, 2009:
Union Bankshares has priced an underwritten public offering of 4.725 million shares of its common stock at a price of $13.25 per share.
Union Bankshares has granted the underwriters a 30-day option to purchase up to an additional 0.7 million shares of common stock to cover over-allotments, if any. The transaction is expected to close on September 16, 2009.
Announcement (September 8, 2009):
Union Bankshares is planning to raise approximately $62.5 million through a public offering of its common stock.
Union Bankshares would grant the underwriters an option to purchase up to an additional 15% of the shares sold to cover over-allotments.
Keefe, Bruyette & Woods, Inc. is acting as book-running manager, while Scott & Stringfellow, LLC and SunTrust Robinson Humphrey, Inc. are acting as co-managers for the offering.
Deal Value (US$ Million) 62.6
Deal Type IPO
Sub-Category Secondary Offering
Deal Status Completed: 2009-09-17
Deal Participants
Target (Company) Union Bankshares Corporation
Deal Rationale
The proceeds of the transaction will be used for general corporate purposes and the possible repurchase of the preferred shares issued to the US Department of the Treasury.
Offer Price ($ per share) 13.25
No. Shares Issued 4725000
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