Monarch to price $16.25 million of perpetual convertible preferreds

By Rebecca Melvin

New York, Oct. 14 - Monarch Financial Holdings Inc. plans to price $16.25 million of perpetual convertible preferred stock, or 650,000 shares at $25 per share, according to a preliminary prospectus.

The series B preferred stock is being sold via underwriter Scott & Stringfellow and will be non-callable for three years.

Timing and talk on the deal were not immediately known.

Proceeds will be used for general corporate purposes, including funding organic growth and opportunistic acquisitions. A portion of proceeds may be used to redeem all or a portion of Monarch's series A preferred stock and warrant issued to the Treasury.

Monarch plans to file an application for quotation of the preferred stock on the Nasdaq Capital Market under the symbol MNRKP.

Monarch is a Chesapeake, Va.-based bank holding company with branch operations mostly in Virginia.

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