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The company intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the common stock sold in the offering to cover over-allotments, if any.
The company intends to use a portion of the net proceeds of the offering to repay outstanding borrowings under its loan with United Bankers' Bank.
The company will use the remainder of the net proceeds of the offering for general corporate purposes, including to contribute to the capital reserves of Home Federal Bank to support growing its lending activities through organic growth and/or, if appropriate opportunities arise, possible acquisitions of banks, thrifts and other financial services companies.
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