Alliance Financial (ALNC) Withdrawals $25M Common Stock Offering
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Alliance Financial Corporation (NASDAQ: ALNC), the holding company for Alliance Bank, N.A., today announced that it has withdrawn its public offering of approximately $25 million in common stock due to market conditions.
Jack H. Webb, President and CEO of Alliance said, "As a result of the current market conditions, the potential pricing for Alliance's previously announced opportunistic stock offering did not meet our criteria and was not at a level that was in the best interests of our current shareholders."
Webb added, "While the offering was well received, we remain focused on enhancing shareholder value and disciplined in implementing our strategic objectives, and therefore feel it is in the best interests of our shareholders to withdraw the offering at this time."
The Company continuously monitors financial market conditions and may recommence the offering should conditions improve.
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