Allegiance Bank of North America Announces the Public Offering of 2,100,000 Shares of Common Stock
January 13 2005 - 3:40PM
PR Newswire (US)
Allegiance Bank of North America Announces the Public Offering of
2,100,000 Shares of Common Stock BALA CYNWYD, Pa., Jan. 13
/PRNewswire/ -- Allegiance Bank of North America ("Allegiance")
announced that it has entered into an underwriting agreement with
Ryan Beck & Co., Inc. ("Ryan Beck") for the sale of 2,100,000
shares of common stock. The offering was priced at $5.75 per share
resulting in expected net proceeds of approximately $11.0 million.
The offering is expected to close January 20, 2005. In conjunction
with the offering, Allegiance common stock is expected to be quoted
on the OTC Bulletin Board under the symbol "ABPA". Ryan Beck is the
sole underwriter for the offering and was granted an option,
exercisable for a period of 30 days, to purchase an additional
315,000 shares or 15% of the offering to cover over-allotments, if
any. The offering proceeds will be used for general corporate
purposes and to support expansion of the franchise, including the
potential opening of new bank branches. The bank anticipates
opening a branch in the Olde City section of Philadelphia during
the first quarter of 2005. Other than the aforementioned,
Allegiance does not have any agreements or understandings to
acquire or open new locations. The additional capital will also
result in an increase in the bank's legal lending limit to one
borrower allowing it to compete more effectively and retain a
larger portion of the loans it generates. Allegiance Bank of North
America is a locally managed community bank located in Bala Cynwyd,
Pennsylvania. It offers a sophisticated package of services beyond
traditional bank services, such as escrow account management,
specialty real estate lending programs, internet banking and
non-bank services including title insurance, real estate settlement
services, financial planning, life and health insurance and
retirement programs. 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 under the securities
laws of any such state. This offering will be made only by means of
an offering circular. To receive a copy of the offering circular,
contact Ryan Beck & Co., Inc., Florham Park, New Jersey at
1-800-342-2325. DATASOURCE: Allegiance Bank of North America
CONTACT: C. Andrew Cook of Allegiance Bank of North America, Bala
Cynwyd, +1-610-949-0760
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