Sussex Bancorp Closes Common Stock Offering
June 21 2017 - 3:01PM
Sussex Bancorp (Nasdaq:SBBX) (the “Company”), the holding company
for Sussex Bank (the “Bank”), announced today the closing of its
underwritten public offering of 1,136,363 shares of the
Company’s common stock at a public offering price of $24.00 per
share. The Company has granted the underwriters a 30-day
option to purchase up to an additional 113,636 shares of its common
stock, which was exercised in full by the Underwriters on June 16,
2017. The net proceeds to the Company (including the proceeds
from the exercise of the Underwriters’ option) after deducting
underwriting discounts and commissions and estimated offering
expenses are expected to be approximately $28.0 million.
Keefe, Bruyette & Woods, A Stifel Company,
served as the sole book-running manager for this offering, and
Sandler O'Neill + Partners, L.P., Hovde Group LLC, Boenning &
Scattergood, Inc., and FIG Partners, LLC served as co-managers.
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 was 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”). A written
prospectus for this offering 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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