Mid Penn Bancorp, Inc. has announced the pricing of its public offering of 2,375,000 shares of its common stock at $29.50 per share, resulting in an aggregate offering amount of $70 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 356,250 shares of common stock at the public offering price.
With the net proceeds of the offering expected to be approximately $67 million, Mid Penn Bancorp, Inc. plans to utilize the funds to support its continued growth, including investments in Mid Penn Bank to support organic growth, potential redemption of subordinated debt, future strategic transactions, and general corporate purposes.
Mid Penn Bancorp Inc. currently operates 45 retail locations throughout Pennsylvania and central New Jersey, with total assets of approximately $5 billion. The company offers a comprehensive portfolio of financial products and services to the communities it serves.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the common stock of the company, and the securities being offered have not been approved or disapproved by any regulatory authority.
Investors are advised to read the preliminary prospectus supplement and base prospectus in the registration statement, including the information incorporated by reference therein, and other documents filed with the SEC for a more complete understanding of the company and the offering. Today the company's shares have moved -3.4% to a price of $30.51. For more information, read the company's full 8-K submission here.
