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MetroCorp plans to conduct $40 million public offering of stock
Proceeds marked for corporate purposes, possible buyback of preferreds
By Toni Weeks
San Diego, May 15 - MetroCorp Bancshares, Inc. said it will conduct a $40 million public offering of stock. Underwriter Keefe, Bruyette & Woods, Inc. has a 15% greenshoe.
The Houston-based banking company will use the proceeds for general corporate purposes, which may include investments at the holding company level, providing capital to support subsidiary banks, de novo branching and expansion and acquisitions or other business opportunities.
The company may also seek approval of its regulators to use a portion of the proceeds to repurchase all or some of its $45 million of series A preferred stock and the warrant to purchase common stock that it issued to the U.S. Department of the Treasury in connection with MetroCorp's participation in the Treasury's capital purchase program.
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