Deal conducted in connection with bank’s conversion to stock issuer
By Devika Patel
Knoxville, Tenn., Aug. 20 – New Bancorp, Inc. priced an $8.97 million initial public offering of stock, according to a prospectus filed Thursday with the Securities and Exchange Commission. The offering is being conducted in connection with the conversion of New Buffalo Savings Bank from the mutual to the stock form of organization.
The company will sell 897,000 common shares at $10.00 apiece. The company must sell at least 663,000 shares and investors must purchase at least 25 shares.
The deal will be conducted on a best-efforts basis by Keefe, Bruyette & Woods.
Settlement is expected Sept. 16.
Proceeds will be used to invest in securities, to pay dividends, to repurchase common shares and for other general corporate purposes.
The private holding company for New Buffalo Savings Bank is based in New Buffalo, Mich. The company expects that its stock will be listed on the OTCBB exchange.
| Issuer: | New Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $8.97 million
|
| Shares: | 897,000
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 16
|
| Stock symbol: | OTCBB
|
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