Deal sells shares at $23.50 apiece, funds preferred stock redemption
By Devika Patel
Knoxville, Tenn., June 5 – Emclaire Financial Corp. completed an $8.23 million private placement of stock on June 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Taglich Brothers, Inc. was the agent.
The company sold 350,000 common shares at $23.50 per share. The price per share reflects a 3.07% premium to the June 9 closing share price of $22.80.
Proceeds will be used for general corporate purposes, balance sheet growth and the planned redemption of all preferred stock held by the U.S. Treasury.
Based in Emlenton, Pa., Emclaire is the parent company of Farmers National Bank of Emlenton.
| Issuer: | Emclaire Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $8,225,000
|
| Shares: | 350,000
|
| Price: | $23.50
|
| Warrants: | No
|
| Agent: | Taglich Brothers, Inc.
|
| Settlement date: | June 10
|
| Stock symbol: | Nasdaq: EMCF
|
| Stock price: | $22.80 at close June 9
|
| Market capitalization: | $40.18 million
|
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