Bank sells 400,000 shares via Keefe Bruyette; has 15% greenshoe
New York, Nov. 5 – SBT Bancorp, Inc. said it priced an $8.4 million public offering of common stock at $21.00 per share.
The sale included 400,000 shares. There is a greenshoe for an additional 15%.
Keefe, Bruyette & Woods, Inc. was the bookrunner.
The per-share price in the offering is a 2.2% premium to the closing stock price of $20.55 on Thursday.
Proceeds will be used to support growth including expansion into West Hartford, Conn. and the growth of the bank’s loan portfolio. SBT will also use funds raised for general corporate purposes. In addition it will apply some of the proceeds to the redemption of some of the 9,000 shares of senior non-cumulative perpetual preferred stock issued to the U.S. Treasury as part of the SBLF program.
SBT is based in Simsbury, Conn. and is the holding company for Simsbury Bank & Trust Co., Inc.
Issuer: | SBT Bancorp, Inc.
|
Issue: | Common stock
|
Amount: | $8.4 million
|
Greenshoe: | For 15%
|
Shares: | 400,000
|
Price: | $21.00
|
Warrants: | No
|
Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
Pricing date: | Nov. 5
|
Distribution: | Registered
|
Stock symbol: | OTCQX: SBTB
|
Stock price: | $20.55 at close on Nov. 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.