Tower Bancorp (TOBC) Completes $50 Million Common Stock Offering
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Tower Bancorp, Inc. (NASDAQ: TOBC) has completed a public offering of 1,968,509 shares of its common stock, including 99,350 shares offered by certain officers and directors of the Company, at a price of $26.75 per share. Directors and executive officers of the Company and its subsidiary bank, and their respective affiliates, purchased an aggregate of 67,891 shares of common stock in the offering.
The net proceeds to the Company after deducting underwriting discounts and commissions and estimated expenses are estimated to be approximately $47.1 million. The Company did not receive any proceeds from the sale of common stock by the selling securityholders in the offering. [SM]
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