Tower Bancorp Announces Closing Of $51.2 Million Common Stock Offering
Tower Bancorp Inc. announced last week that it has raised $51.2 million through a previously announced public offering by issuing 2,528,666 shares of the company’s common stock, including 329,826 shares issued pursuant to the exercise of the underwriters’ over-allotment option, at a price to the public of $20.25 per share. The net proceeds to the company, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $47.8 million. Keefe, Bruyette & Woods served as sole bookrunning manager of the offering with Sandler O’Neill & Partners L.P. and Janney Montgomery Scott as comanagers.
“We are very pleased with the tremendous success of this offering, which is a testament to the strength of our organization,” said Andrew Samuel, chairman and CEO of Tower Bancorp Inc. “The additional capital adds to our already strong capital levels and ensures that we can continue to take advantage of the growth opportunities in our market area as we pursue our vision of a high-performing regional financial services company that creates financial success for our customers.”