Community banking

Sussex Bancorp in N.J. Raises $7.2 Million

By Chris Cumming August 06, 2013, 6:45 p.m. EDT 1 Min Read

Sussex Bancorp (SSBX) in Franklin, N.J., has completed a $7.2 million capital raise.

The $518 million-asset company sold 1.2 million shares of common stock at $6 each, it announced Monday. Its shares closed Tuesday at $6.75 apiece.

The offering was oversubscribed, with Sussex receiving commitments to purchase approximately $16.6 million of stock, it said. Shareholders were given the option to buy one share for every three they owned in a rights offering that closed on Monday. The offering, announced in June, closed on July 29.

"We are accomplishing a great turnaround at Sussex Bank as we continue to simultaneously reduce our legacy problem assets and execute our growth strategy," Chairman Edward Leppert said in a news release.

Sussex Bank has eight locations in New Jersey and two in New York.

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