By Devika Patel
Knoxville, Tenn., March 27 - Harrington West Financial Group, Inc. said it has arranged a $4.26 million private placement of stock.
The company will sell 550,000 common shares at $7.75 per share.
This deal priced on March 25 and will settle on March 27.
Proceeds will be used "to fund the banking franchise growth of the company and to weather the volatility in the spreads and prices of its high credit quality mortgage securities portfolio in the current environment," Harrington West's chairman and chief executive officer Craig J. Cerny said in a press release.
Solvang, Calif.-based Harrington West is a diversified, community-based, financial institution holding company.
| Issuer: | Harrington West Financial Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $4,262,500
|
| Shares: | 550,000
|
| Price: | $7.75
|
| Warrants: | No
|
| Pricing date: | March 25
|
| Settlement date: | March 27
|
| Stock symbol: | Nasdaq: HWFG
|
| Stock price: | $7.63 at close March 25
|
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