Deal sells units of a $1,000 10% subordinated debenture and 715 shares
By Devika Patel
Knoxville, Tenn., May 11 - FNBH Bancorp, Inc. raised about $12 million in a private placement of units on May 8, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold about 8,000 units, with each of the units comprised of a $1,000 10% subordinated debenture and 715 common shares. The price per unit reflects a price of $0.70 per common share, which is a 17.65% discount to the May 8 closing share price of $0.85.
The Howell, Mich., bank holding company intends to contribute substantially all of the proceeds to First National Bank in order to improve the bank's capital levels.
| Issuer: | FNBH Bancorp, Inc.
|
| Issue: | Units of a $1,000 subordinated debenture and 715 common shares
|
| Amount: | $12 million (approximate)
|
| Units: | 8,000 (approximate)
|
| Price: | $1,500
|
| Warrants: | No
|
| Settlement date: | May 8
|
| Stock symbol: | OTCBB: FNHM
|
| Stock price: | $0.85 at close May 7
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