Civista Bancshares Sees Successful Share Offering Completion

Civista Bancshares Completes Overallotment Option Successfully

Civista Bancshares, Inc. (NASDAQ: CIVB), the parent company of Civista Bank, recently announced the completion of its public offering's overallotment option. The underwriters exercised this option to sell an additional 494,118 common shares at a public offering price of $21.25 each. This achievement reflects strong investor confidence in the company and will significantly enhance its capital base.

Financial Impact of the Offering

The exercise of the overallotment option is expected to generate proceeds of approximately $9.9 million for Civista, after accounting for underwriting fees. This influx of capital is crucial for the bank as it seeks to further enhance its financial position, support growth initiatives, and expand its service offerings to customers.

Leadership in the Offering

Piper Sandler & Co. played a significant role as the sole book-running manager for the offering. Several co-managers also participated in the sale, including renowned firms such as D.A. Davidson & Co., Hovde Group, LLC, Janney Montgomery Scott LLC, Keefe, Bruyette & Woods, and Stephens Inc. Their involvement illustrates a diverse backing that enhances the credibility and reach of the offering.

About Civista Bancshares, Inc.

Civista Bancshares, Inc. stands as a competitive force in the financial sector with assets totaling $4.1 billion. Founded in 1884, Civista Bank, its main subsidiary, offers a wide range of services, including full-service banking, commercial lending, mortgage solutions, wealth management, and commercial equipment leasing.

Currently, Civista Bank operates 42 locations, effectively serving customers across various markets. This extensive reach showcases its commitment to providing exceptional service and tailored financial solutions. The bank is strategically positioned for substantial growth in the coming years.

Understanding the Share Offering

The share offering was executed under a shelf registration statement filed with the Securities and Exchange Commission. This efficient regulatory framework allows Civista to access capital markets as needed, providing a flexible approach to finance growth initiatives. Prospective investors and interested parties can review the available prospectus supplements to fully understand the details surrounding the offering.

Future Outlook for Civista

With the additional capital from the share offering, Civista Bancshares is poised to explore further growth opportunities. The banking sector continues to evolve, and companies like Civista that adapt swiftly can capture significant market share. Management is optimistic and focused on strategic initiatives designed to enhance operational efficiency and customer service.

Frequently Asked Questions

What is the significance of the overallotment option for Civista Bancshares?

The overallotment option allowed Civista to raise additional capital, which is essential for supporting growth and enhancing their financial position.

Who acted as underwriters in the recent capital offering?

Piper Sandler & Co. was the sole book-running manager, with D.A. Davidson & Co., Hovde Group, LLC, Janney Montgomery Scott LLC, and others serving as co-managers.

What services does Civista Bank provide?

Civista Bank offers full-service banking, commercial lending, mortgage services, wealth management, and commercial equipment leasing.

How long has Civista Bank been operating?

Civista Bank has been in operation since 1884, highlighting its long-standing presence in the financial services industry.

What markets does Civista Bank serve?

Currently, Civista Bank operates 42 locations across multiple states, including Ohio and parts of Indiana and Kentucky, serving a diverse customer base.

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