Company sells 2.16 million shares at $9.25 to existing, new investors
By Marisa Wong
Morgantown, W.Va., Aug. 31 – Northwest Bancorporation, Inc. said it has closed its $20 million private placement of common stock.
The company issued 2,162,162 shares to accredited investors at $9.25 per share.
D.A. Davidson & Co. acted as lead placement agent, and Wedbush Securities, Inc. acted as co-placement agent.
The company plans to use the proceeds to complete its proposed acquisition of Fairfield Financial Holdings Corp. and for general working capital purposes.
The offering included participation from insiders and existing shareholders, including Harlan D. Douglass, a member of the company’s board of directors, as well as investors who previously did not own Northwest stock, including Castle Creek Capital and Concentric Equity Partners.
Northwest Bancorporation is the Spokane, Wash.-based parent company of Inland Northwest Bank.
| Issuer: | Northwest Bancorporation, Inc.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Shares: | 2,162,162
|
| Price: | $9.25
|
| Warrants: | No
|
| Agent: | D.A. Davidson & Co. as lead placement agent and Wedbush Securities, Inc. as co-placement agent
|
| Stock symbol: | OTC Pink: NBCT
|
| Stock price: | $8.90 at close Aug. 28
|
| Market capitalization: | $36.65 million
|
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