Five Star Bancorp Prices 2.73M Share Offering at $44, a 3.3% Discount
FSBC sits 61% above its 52-week low of $28.34.
Summary
Five Star Bancorp priced its public offering of 2,725,000 shares at $44 per share, a 3.3% discount to the last close of $45.50. The offering was launched earlier today, and this pricing locks in the terms. The deal raises approximately $120 million in gross proceeds, with net proceeds expected to be approximately $113.6 million, which the bank plans to use for general corporate purposes and to support continued growth. The offering is expected to close on or about July 24. This follows a strong Q1 earnings report in April, where net income jumped 42% year-over-year.
At the time of this announcement, FSBC was trading at $45.50 on NASDAQ in the Finance sector, with a market capitalization of approximately $1B. The 52-week trading range was $28.34 to $50.26. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.