Southern National (SONA) Prices 4.17M Common Stock Offering at $6/Share
Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA), the holding company for Sonabank, announced today that it has priced an underwritten public offering of 4,166,666 shares of its common stock at $6.00 per share. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $23.4 million. FIG Partners, LLC is acting as the sole manager for the offering. The underwriter will have a 30-day option to purchase up to an additional 624,999 shares of common stock from the Company at the offering price to cover over-allotments, if any.
The Company expects to close the sale of the shares of its common stock on or about November 4, 2009, subject to customary closing conditions. The Company expects to use the proceeds from the offering to provide capital to Sonabank to support its anticipated organic growth, to support potential future acquisitions of branches or whole banks, including the possible acquisitions of failed financial institutions in FDIC assisted transactions, and for other general corporate purposes.
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