Company will sell at least 2.55 million shares at $8.00 per share
By Marisa Wong
Madison, Wis., Aug. 20 - LaPorte Bancorp, Inc., a Maryland corporation, is planning an offering of common stock valued at $20.4 million to $27.6 million. The company plans to sell between 2.55 million and 3.45 million shares of common stock at $8.00 per share on a best-efforts basis, according to a 424B3 filing with the Securities and Exchange Commission.
LaPorte Bancorp is, in effect, offering to sell the 54.1% interest in the current holding company of LaPorte Savings Bank - LaPorte Bancorp, Inc., the federal corporation - that is owned by LaPorte Savings Bank, MHC. LaPorte Bancorp, the Maryland corporation, is the new holding company of the bank.
The stock offering priced on Aug. 10 in connection with the conversion of LaPorte Savings Bank, MHC from a mutual holding company to a stock holding company.
The shares are being offered first to LaPorte Savings Bank's eligible depositors and tax-qualified employee benefit plans in a subscription offering expected to end on Sept. 12. This offering can be extended until Oct. 26 or later, subject to the approval of the Federal Reserve Board.
Shares not purchased in the subscription offering may be offered for sale to the general public in a community offering, with preference given to residents of the communities covered by LaPorte Savings Bank and to shareholders of the LaPorte federal corporation. The company may then offer any leftover shares through a syndicated community offering to be managed by Sterne, Agee & Leach, Inc.
LaPorte may, as a result of demand or market conditions, increase the number of shares in the offering by up to 15% without resoliciting subscribers. In other words, LaPorte could sell up to 3,967,500 shares for proceeds of $31.74 million. However, the company must sell a minimum of 2.55 million shares to complete the offering and the conversion.
The LaPorte federal corporation's stock currently trades on the Nasdaq Capital Market under the symbol "LPSB." For a period of 20 trading days after the completion of the conversion and offering, LaPorte Bancorp's common stock will trade under the symbol "LPSBD." After that, the symbol will revert to "LPSB."
LaPorte Savings Bank is based in La Porte, Ind.
| Issuer: | LaPorte Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | Minimum of $20.4 million, maximum of $27.6 million, adjusted maximum of $31.74 million
|
| Shares: | Minimum of 2.55 million, maximum of 3.45 million, adjusted maximum of 3,967,500
|
| Price: | $8.00
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| Warrants: | No
|
| Agent: | Sterne, Agee & Leach, Inc.
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| Pricing date: | Aug. 10
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| Stock symbol: | Nasdaq: LPSB
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| Stock price: | $9.78 at close Aug. 17
|
| Market capitalization: | $46.05 million
|
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