ServisFirst Bancshares prices $15 million of mandatory convertibles

By Rebecca Melvin

New York, March 18 - ServisFirst Bancshares Inc. priced $15 million of mandatory convertible trust preferred securities, including the full exercise of a $3 million over-allotment option, according to a news release.

These securities were sold in a private placement primarily to existing shareholders.

Proceeds are expected to be used to support continued growth in its four service regions of Alabama.

The offering was oversubscribed by 100% in one month, according to the release.

Based in Birmingham, Ala. ServisFirst Bancshares is a bank holding company.

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