Deal conducted in connection with bank’s conversion to stock issuer
By Devika Patel
Knoxville, Tenn., Nov. 20 – MB Bancorp, Inc. priced an $18.4 million initial public offering of stock, according to a prospectus filed Thursday with the Securities and Exchange Commission. The offering is being conducted in connection with the conversion of Madison Bank of Maryland from the mutual to the stock form of organization.
The company will sell 1.84 million common shares at $10.00 apiece. The company must sell at least 1.36 million shares, and investors must purchase at least 25 shares.
The deal will be conducted on a best-efforts basis by Keefe, Bruyette & Woods.
Settlement is expected Dec. 12.
Proceeds will be used to invest in securities, pay dividends, repurchase common shares, invest in Madison Bank and fund new loans as well as for general corporate purposes.
The private holding company for Madison Bank of Maryland is based in Forest Hill, Md. The company expects that its stock will be listed on the OTCBB exchange.
| Issuer: | MB Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $18.4 million
|
| Shares: | 1.84 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 12
|
| Stock symbol: | OTCBB
|
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