Deal conducted by Keefe, Bruyette & Woods funds preferreds redemption
By Devika Patel
Knoxville, Tenn., July 15 – River Valley Bancorp said the underwriters for its public offering of stock opted to exercise the deal’s $2.54 million greenshoe in part for total proceeds of $19.4 million. The deal was announced April 17 and priced for $16.91 million with the greenshoe on July 1.
The company sold 946,390 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. Of the shares, 121,390 were part of the partially exercised greenshoe.
Keefe, Bruyette & Woods, Inc. was the sole bookrunning manager.
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: | $19,400,995 (including $2,488,495 greenshoe)
|
| Shares: | 946,390
|
| Price: | $20.50
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
| Announcement date: | April 17
|
| Pricing date: | July 1
|
| Settlement date: | July 15
|
| Stock symbol: | Nasdaq: RIVR
|
| Stock price: | $22.37 at close June 30
|
| Market capitalization: | $33.64 million
|
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