Deal conducted in connection with bank's conversion to stock issuer
By Devika Patel
Knoxville, Tenn., Nov. 22 - Edgewater Bancorp, Inc. priced an $8.97 million public offering of stock with a $1.35 million greenshoe, according to a prospectus filed Friday with the Securities and Exchange Commission. The offering is being conducted in connection with the conversion of Edgewater Bank from the mutual to the stock form of organization.
The company will sell 897,000 common shares at $10.00 apiece on a best-efforts basis.
The company must sell a minimum of 663,000 shares.
Shares that are not purchased in the subscription offering may be offered for sale to the general public in a community offering or a syndicated community offering.
Investors must order a minimum of 25 shares.
The deal will be conducted by sole bookrunner Sterne, Agee & Leach, Inc.
Settlement is expected Dec. 18.
The private holding company for Edgewater Bank is based in St. Joseph, Mich.
| Issuer: | Edgewater Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $8.97 million
|
| Greenshoe: | $1,345,500
|
| Shares: | 897,000
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | Sterne, Agee & Leach, Inc.
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 18
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
