Tower Bancorp, Inc. Announces Closing of Underwriters' Over-Allotment Option

September 30, 2009 11:15 AM EDT

HARRISBURG, Pa.--(BUSINESS WIRE)-- Tower Bancorp, Inc. (NASDAQ: TOBC) announced today that the underwriters of its previously announced public offering of 1,968,509 shares of common stock have exercised their over-allotment option and purchased an additional 173,341 shares of Company common stock, at a public offering price of $26.75 per share. The Company expects net proceeds from the offering, including the exercise of the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses, to be approximately $51.5 million.

Raymond James & Associates, Inc. acted as lead book-running manager of the offering with Keefe, Bruyette & Woods, Inc. and Stifel, Nicolaus & Company, Inc. serving as co-managers.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. A prospectus supplement and accompanying prospectus may be obtained from Raymond James & Associates, Inc. at 888 Carillon Parkway, St. Petersburg, FL 33716 or by telephone at (727) 567-2400.

About Tower Bancorp, Inc.

Tower Bancorp, Inc. is the parent company of Graystone Tower Bank, a full-service community bank operating 25 branch offices in central Pennsylvania and Maryland through two divisions, Graystone Bank and Tower Bank. With total assets of approximately $1.3 billion, Tower Bancorp's unparalleled competitive advantage is its more than 300 employees and a strong corporate culture paired with a clear vision that provides customers with uncompromising services and individualized solutions to every financial need. Tower Bancorp's common stock is listed on the NASDAQ Global Market under the symbol "TOBC." More information about Tower Bancorp and its divisions can be found on the internet at www.yourtowerbank.com, www.graystonebank.com and www.towerbancorp.com.

Safe Harbor for Forward-Looking Statements

This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; inability to achieve merger-related synergies; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Tower Bancorp, Inc.'s filings with the Securities and Exchange Commission (SEC). The statements included herein are valid only as of the date hereof and Tower Bancorp, Inc. disclaims any obligation to update this information.

    Source: Tower Bancorp, Inc.

Related Categories

Press Releases

Stocks Mentioned

Related Entities

• Raymond James

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?