Bank of Florida (BOFL) Announces Public Offering; Sees $71M in Net Proceeds
Bank of Florida Corporation (Nasdaq: BOFL) today announced that it has commenced an offering to sell shares of its common stock in an underwritten public offering. Raymond James & Associates, Inc. is acting as the lead book-running manager for the offering. Sandler O'Neill & Partners, L.P., Allen & Company LLC and Stifel, Nicolaus & Company, Incorporated are acting as co-managers for the offering.
The Company intends to grant the underwriters an option to purchase additional shares equal to 15% of the numbers of shares offered to the public.
The Company expects to use approximately $71 million of the net proceeds from the offering to capitalize its subsidiary banks pursuant to regulatory agreements regarding projected capital levels as of December 31, 2009. In addition, the Company expects to use a portion of the net proceeds of the offering to redeem any shares of its outstanding Series B Preferred Stock that are not converted by the holders of the Series B Preferred Stock according to its terms.
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