Deal conducted by Keefe, Bruyette & Woods, funds preferreds redemption
By Devika Patel
Knoxville, Tenn., July 1 – River Valley Bancorp said it priced a $16.91 million public sale of stock with a $2.54 million greenshoe. The deal was announced April 17.
The company will sell 825,000 common shares at $20.50 per share. The price per share is an 8.36% discount to the June 30 closing share price of $22.37.
Keefe, Bruyette & Woods, Inc. is the bookrunning manager.
Settlement is expected July 7.
Proceeds will be used to redeem all 5,000 series A fixed-rate cumulative perpetual preferred shares for $5 million and for general corporate purposes, including contributions to the bank as additional capital and growth.
River Valley is a bank holding company in Madison, Ind.
| Issuer: | River Valley Bancorp
|
| Issue: | Common stock
|
| Amount: | $16,912,500
|
| Greenshoe: | $2,536,875
|
| Shares: | 825,000
|
| Price: | $20.50
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
| Announcement date: | April 17
|
| Pricing date: | July 1
|
| Settlement date: | July 7
|
| Stock symbol: | Nasdaq: RIVR
|
| Stock price: | $22.37 at close June 30
|
| Market capitalization: | $32.85 million
|
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