By Devika Patel
Knoxville, Tenn., June 10 - FNBH Bancorp, Inc. said it plans a private placement of series A convertible perpetual preferred stock to raise between $12 million and $18 million.
The company is selling 12,000 to 18,000 preferreds at $1,000 apiece.
The preferreds are initially convertible into common shares at $0.50 per share. The do not pay dividends.
Proceeds will provide additional capital to the company and its bank subsidiary, First National Bank in Howell, and also be used for other general corporate purposes
The bank holding company is based in Howell, Mich.
| Issuer: | FNBH Bancorp, Inc.
|
| Issue: | Series A convertible perpetual preferred stock
|
| Amount: | $12 million (minimum), $18 million (maximum)
|
| Shares: | 12,000 (minimum), 18,000 (maximum)
|
| Price: | $1,000
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Pricing date: | June 10
|
| Stock symbol: | Nasdaq: NOVB
|
| Stock price: | $2.20 at close June 10
|
| Market capitalization: | $16.5 million
|
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