Secondary Stock OfferingsBy The Online Investor Staff, updated Sat., Sep. 19, 9:09 AM
|This Slide: #18 of 25|
Slide #18. MainStreet Bancshares, Inc. — Secondary Offering
MainStreet Bancshares, Inc. (NASDAQ:MNSB)
Date of Pricing:
Price Per Share:
Secondary Offering Details:
MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the "Company") announced today that it has commenced an underwritten public offering (the "Offering") of depositary shares, each of which represents a 1/40th interest in a share of its Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share). The Company intends to grant the underwriters an option, exercisable in whole or in part for 30 days, to purchase additional depositary shares. The proposed Offering is subject to pricing, which has not occurred. -updated 9/10- MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the "Company") announced the pricing of its underwritten public offering (the "Offering") of 1,000,000 depositary shares, each of which represents a 1/40th interest in a share of its 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share), for gross proceeds of $25.0 million. Net proceeds to the Company, after deducting the underwriting discount but before deducting estimated offering expenses and fees payable by the Company, are expected to be $24.2 million. The Company has granted the underwriters an option to purchase up to an additional 150,000 depositary shares at the public offering price, less the underwriting discounts and commissions.
MainStreet Bancshares is a bank holding company. Through its subsidiary, MainStreet Bank (the Bank), Co. provides banking services to individuals, small to medium-sized businesses and professional service organizations. The Bank provides commercial and consumer loan and deposit products, as well as mortgage services to individuals, and small and medium sized businesses in Co.'s market. Co.'s business involves accepting deposits from local businesses and individual customers and using these deposits to originate commercial, mortgage, and consumer loans in its market area. The Bank's deposit products include demand, NOW, money market and savings accounts as well as certificates of deposit.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 88% of all stocks covered)
Based on Zacks ABR data;
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