First Bank in N.J. Raises $23 Million in IPO

By Sarah Todd November 21, 2013, 10:28 a.m. EST 1 Min Read

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Allegiance Closer to IPO After Deal to Buy Houston Rival

Determined to stay independent, Allegiance Bancshares is looking for more deals like its recent one with Independence Bank so it can get big enough to go public. Other Texas banks could be attracted by the chance to join a soon-to-be public company.

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First Bank in Hamilton, N.J., raised approximately $23 million in its initial public offering, according to a Wednesday press release.

The company sold 3.8 million shares of common stock at $6 per share, in line with the pricing announced last week. Underwriters purchased an additional 500,000 shares of common stock to cover over-allotments.

The company's stock was trading at $6.10 per share Thursday morning.

Robert W. Baird & Co. was the sole book-running manager in the offering. CV Brokerage acted as co-manager.

Sarah Todd

Deputy Editor, BankThink

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