Deal's proceeds intended for general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept.17 - MetroCorp Bancshares, Inc. said it completed a $2.86 million non-brokered private placement of stock on Thursday.
The company sold 954,000 common shares at $3.00 per share. The purchase price was approved by the company's board of directors on Aug. 27 and is equal to 110% of the average closing price per share of the company's common stock for the 15 trading days ending on July 30.
The purchase price is also a 7.14% premium to the closing share price of $2.80 on Thursday.
Proceeds will be used for general corporate purposes.
Houston-based MetroCorp Bancshares is the holding company for MetroBank, NA.
| Issuer: | MetroCorp Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,862,000
|
| Shares: | 954,000
|
| Price: | $3.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Sept. 16
|
| Stock symbol: | Nasdaq: MCBI
|
| Stock price: | $2.80 at close Sept. 16
|
| Market capitalization: | $33.12 million
|
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