Evans Bancorp (EVBN) Prices 1.125M Common Offering at $12.00/Share
Evans Bancorp, Inc. (Nasdaq: EVBN) today announced the pricing of an underwritten public offering of 1,125,000 shares of common stock at a price of $12.00 per share. After the underwriting discount and estimated offering expenses payable by the Company, it expects to receive net proceeds of approximately $12.3 million. Evans has also granted the underwriters a 30-day option to purchase up to an additional 97,000 shares of common stock on the same terms and conditions to cover over-allotments, if any. The offering is expected to close on May 14, 2010, subject to customary closing conditions.
The Company intends to use the proceeds from the offering for general corporate purposes, which will likely include support for organic growth, and may also include financing potential acquisitions of branches or other financial institutions.
Sandler O’Neil + Partners, L.P. acted as the sole book running manager of the offering.
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