Tower Bancorp (TOBC) Commences $50 Million Common Stock Offering

August 20, 2009 6:54 AM EDT

Tower Bancorp, Inc. (NASDAQ: TOBC) has commenced an underwritten public offering of up to $50 million of shares of its common stock pursuant to an effective shelf registration statement. In addition to the offering by the Company, certain of its officers and directors intend to sell up to 159,074 additional shares of the Company's common stock as part of the offering.

The Company intends to use the net proceeds from the offering for general corporate purposes, including contribution to the capital of its bank subsidiary to support the bank subsidiary's lending and investing activities; repayment of its debt; supporting or funding acquisitions of other institutions or branches if opportunities for such transactions become available; and other permitted activities. The Company will not receive any proceeds from the sale of securities by any selling securityholders in the offering. [SM]

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