Tennessee Commerce Bancorp, Inc. Announces Closing of Common Stock Offering
12 8월 2010 - 1:59AM
Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC) announced today the
closing of its underwritten public offering of 6,546,500 shares of
its common stock at a price of $4.00 per share, which includes
796,500 shares of common stock issued upon partial exercise of the
underwriters' 862,500-share over-allotment option. Net
proceeds from the offering, after deducting the underwriting
discounts and commissions and estimated expenses payable by the
Company, were approximately $24.2 million. Macquarie Capital
(USA) Inc. served as sole-book running manager and Sterne, Agee
& Leach, Inc., FIG Partners, LLC and Odeon Capital Group LLC
served as co-managers for the offering.
The Company currently intends to use the net proceeds from 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 currently expects to contribute a portion
of the net proceeds to its subsidiary, Tennessee Commerce Bank,
which would use those proceeds as capital and for general corporate
purposes.
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 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 was 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.
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 the use of proceeds. 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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