Bear State Financial purchases company common shares at $7.90 apiece
By Devika Patel
Knoxville, Tenn., July 15 - Federal Bancshares of Arkansas, Inc. settled a $20 million private placement of stock with Bear State Financial Holdings, LLC on July 12, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold common shares at $7.90 per share, an 18.56% discount to the July 11 closing share price of $9.70.
Proceeds will be used to fund a portion of the consideration for the planned merger between the company and First National Security Co.
First Federal Bancshares is a savings and loan holding company based in Harrison, Ark.
| Issuer: | Federal Bancshares of Arkansas, Inc.
|
| Issue: | Common shares
|
| Amount: | $20 million
|
| Price: | $7.90
|
| Warrants: | No
|
| Investor: | Bear State Financial Holdings, LLC
|
| Settlement date: | July 12
|
| Stock symbol: | Nasdaq: FFBH
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| Stock price: | $9.70 at close July 11
|
| Market capitalization: | $192.01 million
|
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