Offering sells 1,142,855 common shares at $5.25 per share to investors
By Devika Patel
Knoxville, Tenn., Sept. 12 – First Intercontinental Bank. said it completed a $6 million private placement of stock.
The company sold 1,142,855 common shares at $5.25 apiece, a 12.5% discount to the closing share price, $6.00, on Sept. 11.
Proceeds were used to repurchase the company’s series A fixed rate non-cumulative perpetual preferred stock and series B fixed rate non-cumulative perpetual preferred stock issued through the U.S. Treasury’s Troubled Asset Relief Capital Purchase Program. The bank plans to use the remaining proceeds for organic growth and other general corporate purposes.
The bank is based in Doraville, Ga.
| Issuer: | First Intercontinental Bank.
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| Issue: | Common stock
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| Amount: | $6 million
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| Shares: | 1,142,855
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| Price: | $5.25
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| Warrants: | No
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| Settlement date: | Sept. 12
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| Stock symbol: | OTCBB: FIEB
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| Stock price: | $6.00 at close Sept. 11
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