Southern First in S.C. Could Raise $16M in Stock Offering

By Evan Nemeroff November 03, 2014, 5:04 p.m. EST 1 Min Read

Community banking

Southern First in S.C. Redeems Large Block of Former Tarp Shares

Southern First Bancshares (SFST) in Greenville, S.C., used a private placement to convert preferred stock tied to the Troubled Asset Relief Program into common stock.

By Paul Davis

January 28
Community banking

Small Banks Finding It Difficult to Cut Operating Costs

Noninterest expenses remain persistently high at community banks as a need to pursue revenue undermines efforts to aggressively make cuts.

By Andy Peters

August 5
Community banking

Anchor in Wisconsin to Raise $8M from IPO

Anchor Bancorp Wisconsin in Madison is planning to raise up to $8.3 million from an upcoming initial public offering.

By Paul Davis

October 10

Southern First Bancshares in Greenville, S.C., is planning to sell 1.2 million shares of its common stock.

The $1 billion-asset company did not disclose a price in its regulatory filing. The company's stock closed at $14.61 a share on Thursday, the day before filing its document with the Securities and Exchange Commission. Based on that price, the company could raise $16 million to $19 million from the offering, taking into account the underwriter's option to buy up to 180,000 additional shares.

The company intends to use this money to repurchase the rest of the stock it holds from the Troubled Asset Relief Program. Any remaining funds could be used for general corporate purposes that could include supporting organic growth or reducing outstanding debt.

Sandler O'Neill will serve as the sole underwriter.

Evan Nemeroff

Managing Editor