First Community Corp. (FCCO: Quote), the holding company for First Community Bank, N.A., said Tuesday that it has priced its underwritten public offering of about 1.6 million shares of its common stock at a price of $8.00 per share.
The company has granted the underwriter an option to purchase up to an additional 244,565 shares of common stock to cover over-allotments, if any.
The company expects to receive net proceeds from the offering of about $12.0 million, after deducting underwriting discounts and commissions and other estimated expenses, or about $13.8 million if the underwriter exercises its over-allotment option in full.
The company expects to close the deal on or about July 27.
The company plans to use the proceeds of the offering to repurchase all of its outstanding Series T Preferred Stock and, potentially, the warrant issued to the U.S. Treasury pursuant to the TARP Capital Purchase Program. Additionally, it plans to use any remaining proceeds for general corporate purposes, including contributing a portion of the proceeds to the Bank as additional capital to support organic growth and, potentially, opportunistic acquisitions that meet its investment criteria.
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by RTT Staff Writer
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