Use of Proceeds
Our net proceeds from the sale of 2,500,000 shares of our common stock in
this offering will be approximately $41.1 million, after deducting underwriting
discounts and commissions and estimated offering expenses payable by us. If the
underwriters’ over-allotment option is exercised in full, we estimate that our
net proceeds will be approximately $47.3 million.
We will use the net proceeds of this offering for general corporate
purposes. Those purposes may include, among other things, meeting our working
capital needs and providing investments in our bank subsidiaries to support our
growth, including development of additional banking offices. Additionally, we
may use the net proceeds to finance bank acquisitions, though we have no present
plans in that regard.
We have not specifically allocated the amount of the net proceeds that will
be used for these purposes; however, we believe that we will be able to deploy
the net proceeds of this offering in a manner that will maximize the return to
our investors. We are effecting this offering at this time because we believe
that based on our current financial position and considering our historical
growth and development and our prospects for the future, we have reached a
stage where we are ready to be a public company with access to the public markets.
The precise amounts and timing of our use of the net proceeds will depend
upon market conditions and the availability of other funds, among other factors.
From time to time, we may engage in additional capital financings as we
determine to be appropriate based upon our needs and prevailing market
conditions. These additional capital financings may include the sale of
securities other than, or in addition to, common stock.