Tennessee Commerce Bancorp, Inc. Announces Pricing of Common Stock Offering
06 8월 2010 - 8:36AM
Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC) announced today the
pricing of its underwritten follow-on public offering of 5,750,000
shares of its common stock at a price of $4.00 per share.
Macquarie Capital (USA) Inc. is serving as sole-book running
manager and Sterne, Agee & Leach, Inc., FIG Partners, LLC and
Odeon Capital Group LLC are serving as co-managers for the
offering. The Company has granted the underwriters a 30-day
option to purchase up to an additional 862,500 shares to cover
over-allotments, if any. At the Company's request, the
underwriters have reserved up to 287,500 shares of common stock for
sale in the offering to the Company's directors, officers,
employees and related persons at the same price as offered to other
investors. The common stock will be issued pursuant to a
prospectus filed as part of the Company's registration statement
under the Securities Act of 1933.
The Company estimates that the net proceeds from the offering
(after deducting the underwriting discounts and commissions and
expenses payable by us) will be $21.2 million. The Company
currently intends to use the net proceeds of the offering to fund
organic growth, to enhance its depository franchise and for general
corporate purposes, including to repay $8.75 million of existing
indebtedness at the parent level. The Company may contribute a
portion of the net proceeds from the offering to the capital of its
subsidiary, Tennessee Commerce Bank, which would use those proceeds
for general corporate purposes. Nonetheless, the Company's
management intends to retain and contribute to Tennessee Commerce
Bank, as appropriate, the requisite amount of net proceeds in order
to maintain appropriate capital levels for the consolidated company
as well as at Tennessee Commerce Bank.
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. The offering is being made only by
means of a prospectus which is a part of the company's effective
registration statement previously filed with the Securities and
Exchange Commission. A copy of the prospectus may be obtained
from Macquarie Capital (USA) Inc., Attn: Prospectus Department, 125
West 55th St, 22nd Floor, New York, NY 10019, or by calling
212.231.6493 or by e-mailing us.prospectus@macquarie.com.
Tennessee Commerce Bancorp, Inc. is the parent company of
Tennessee Commerce Bank. The Bank provides a wide range of banking
services and is primarily focused on serving the financial needs of
businesses. Its corporate and banking offices are located in
Franklin, Tennessee, and it has loan production offices in Atlanta,
Birmingham and Minneapolis. Tennessee Commerce Bancorp, Inc.'s
stock is traded on the NASDAQ Global Market under the symbol
TNCC.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including, but
not limited to, statements regarding issuance of the common stock,
obtaining a copy of the prospectus, net proceeds from the offering,
the use of proceeds, underwriter over-allotments and participation
in the offering by directors, officers, employees and related
persons. We caution you not to place undue reliance on the
forward-looking statements contained in this press release in that
actual results could differ materially from those indicated in such
forward-looking statements because of a variety of factors,
including, without limitation, those factors as set forth in our
filings with the SEC. We undertake no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
CONTACT: Tennessee Commerce Bancorp, Inc.
Frank Perez, Chief Financial Officer
615-599-2274
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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