Company sells 8.25 million common shares at $2.00 apiece to investors
By Devika Patel
Knoxville, Tenn., Nov. 18 - Monarch Community Bancorp, Inc. settled a $16.5 million private placement of stock on Nov. 15, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 8.25 million common shares at $2.00 apiece. The price per share is a 28.83% discount to the Nov. 14 closing share price of $2.81.
Proceeds will be used to recapitalize the company's subsidiary, Monarch Community Bank, and support the ongoing growth of the bank.
Based in Coldwater, Mich., Monarch is a bank holding company.
| Issuer: | Monarch Community Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $16.5 million
|
| Shares: | 8.25 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Settlement date: | Nov. 15
|
| Stock symbol: | OTCBB: MCBF
|
| Stock price: | $2.81 at close Nov. 14
|
| Market capitalization: | $1.29 million
|
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