Lakeland Financial (LKFN) Announces 3.5M Common Stock Offering at $17/Share
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Lakeland Financial Corporation (NASDAQ: LKFN) announced today that it has priced a public offering of 3.5 million shares of common stock at $17.00 per share for total gross proceeds of $59.5 million. The Company expects to close the sale of the common shares on November 18, 2009, subject to customary closing conditions.
Stifel, Nicolaus & Company, Incorporated is serving as sole-book running manager, and Keefe Bruyette & Woods, Inc. and Howe Barnes Hoefer & Arnett, Inc. are serving as co-managers for the offering. The Company has also granted the underwriters an option to purchase up to an additional 525,000 shares of common stock to cover over-allotments, if any.
The Company intends to use the net proceeds of the offering for general corporate purposes, including the contribution of a portion of the proceeds to Lake City Bank as additional capital.
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