People's Utah Bancorp (PUB) IPO Prices at $14.50

People’s Utah Bancorp (NASDAQ: PUB) announced the pricing of its initial public offering of 2,500,000 common shares at a public offering price of $14.50 per share, the high end of the expected $13-$15 range. The shares will begin trading on the Nasdaq Capital Market later today under the ticker symbol "PUB".

The Company is offering 2,282,000 common shares and certain shareholders are offering 218,000 common shares. The underwriters have an option, exercisable until July 10, 2015, to purchase up to an additional 375,000 common shares from the Company at the public offering price less the underwriting discount. The offering is expected to close on June 16, 2015.

The Company intends to use the net proceeds from the offering for expansion, both organic and through acquisition, and for general corporate purposes.

D.A. Davidson & Co. acted as sole book-running manager for the offering. Sandler O’Neill & Partners, L.P. and FIG Partners, LLC served as co-managers for the offering.

People’s Utah Bancorp is a bank holding company with two wholly-owned subsidiaries, Bank of American Fork and Lewiston State Bank.

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