It has closed its previously announced underwritten public offering of 11.6 million shares of newly issued common stock at a public offering price of $19.25 per share.
The underwriters partially exercised their over-allotment option with an additional purchase of 266,673 shares of newly issued common stock. However, the company had granted the underwriters an over-allotment option to purchase an additional 1.74 million shares.
The net proceeds from the offering, including the partial exercise of the over-allotment option, were approximately $217 million after deducting underwriting commissions but before offering expenses.
The net proceeds from the offering qualify as tangible common equity and Tier 1 capital and these will be used for working capital and general corporate purposes.
J.P. Morgan Securities, acted as the sole book-running manager. However, Robert W. Baird & Co., William Blair & Company, Keefe, Bruyette & Woods and SunTrust Robinson Humphrey were co-managers.
