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The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $74.1 million.
Sandler O'Neill + Partners acted as the lead manager for the offering. FBR Capital Markets & Company and Sterne, Agee & Leach served as co-managers.
The underwriters have an unexercised 30-day option to purchase up to an additional three million shares of common stock from United Western Bancorp at the offering price to cover over-allotments, if any.
United Western Bancorp expects to use the proceeds from the offering to support the growth and related regulatory capital needs of United Western Bank and to repay indebtedness under its revolving line of credit, with any remainder for strategic acquisitions and general working capital purposes.
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