Sussex Bancorp Announces Pricing of Common Stock Offering
June 16 2017 - 8:15AM
Sussex Bancorp (Nasdaq:SBBX) (the “Company”), the holding company
for Sussex Bank (the “Bank”), announced today the pricing of an
underwritten public offering of 1,136,363 shares of the
Company’s common stock at a public offering price of $24.00 per
share for gross proceeds of approximately $27.3 million. The net
proceeds to the Company after deducting underwriting discounts and
commissions and estimated offering expenses are expected to be
approximately $25.4 million. The Company intends to use the net
proceeds from this offering for general corporate purposes. The
Company has granted the underwriters a 30-day option to purchase up
to an additional 113,636 shares of its common stock. Keefe,
Bruyette & Woods, A Stifel Company, is serving as the sole
book-running manager for this offering, with Sandler O'Neill +
Partners, L.P., Hovde Group LLC, Boenning & Scattergood, Inc.,
and FIG Partners, LLC serving as co-managers.
The Company expects to close the transaction,
subject to customary conditions, on or about June 21, 2017. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such 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 pursuant to an effective shelf registration statement
on Form S-3 (File No. 333-218370) filed with the U.S. Securities
and Exchange Commission (“SEC”). The offering will be made only by
means of a prospectus, copies of which may be obtained from Keefe,
Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh
Avenue, 4th Floor, New York, NY 10019, by calling toll-free (800)
966-1559. These documents are available at no charge by visiting
the SEC’s website at http://www.sec.gov.
About Sussex Bancorp
Sussex Bancorp is the holding company for Sussex
Bank, which operates through its regional offices and corporate
centers in Wantage and Rockaway, New Jersey, its eleven branch
offices located in Andover, Augusta, Franklin, Hackettstown,
Newton, Montague, Sparta, Vernon, Oradell and Wantage, New Jersey,
and Astoria, New York, and a loan production office in Oradell, New
Jersey, and for the Tri-State Insurance Agency, Inc., a full
service insurance agency with locations in Augusta and Oradell, New
Jersey.
Forward-Looking Statements
This press release contains statements that are
forward looking and are made pursuant to the “safe-harbor”
provisions of the Private Securities Litigation Reform Act of
1995. Such statements may be identified by the use of words
such as “expect,” “estimate,” “assume,” “believe,” “anticipate,”
“will,” “forecast,” “plan,” “project” or similar words. Such
statements are based on the Company’s current expectations and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. Factors that may
cause actual results to differ materially from those contemplated
by such forward-looking statements include, among others, changes
to interest rates, the ability to control costs and expenses,
general economic conditions, the success of the Company’s efforts
to diversify its revenue base by developing additional sources of
non-interest income while continuing to manage its existing
fee-based business, risks associated with the quality of the
Company’s assets and the ability of its borrowers to comply with
repayment terms. Further information about these and other relevant
risks and uncertainties may be found in the Company’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2016 and in
subsequent filings with the SEC. The Company undertakes no
obligation to publicly release the results of any revisions to
those forward looking statements that may be made to reflect events
or circumstances after this date or to reflect the occurrence of
unanticipated events.
Contacts: Anthony Labozzetta, President/CEO
Steven Fusco, SEVP/CFO
844-256-7328
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