Civista Bancshares Announces New Public Offering Pricing

Civista Bancshares, Inc. Announces Pricing of Public Offering
Civista Bancshares, Inc. (NASDAQ: CIVB), the parent company of Civista Bank, has shared significant news regarding its financial strategies. The company is moving forward with an underwritten public offering, pricing a total of 3,294,120 common shares at $21.25 per share. This offering aims to raise an impressive aggregate amount of $70.0 million, with additional provisions allowing underwriters the option to purchase a further 494,118 common shares within a 30-day window.
Financing and Goals for the Offering
The expected gross proceeds from this offering are approximately $70.0 million before accounting for discounts and expenses. If the underwriters exercise their option to purchase the extra shares, the estimated gross proceeds could rise to around $80.5 million. Civista Bancshares plans to allocate these funds for general corporate purposes, which may encompass organic growth ventures and potential strategic acquisitions, underscoring its commitment to expanding its impact in the financial sector.
Underwriting Details
Piper Sandler & Co. is taking the lead as the book-running manager for this public offering. In collaboration, D.A. Davidson & Co., Hovde Group, LLC, Janney Montgomery Scott LLC, Keefe, Bruyette & Woods, A Stifel Company, and Stephens Inc. will serve as co-managers. Their collective efforts are designed to ensure the successful execution of this initiative, reflecting the confidence in Civista’s market position and promising future.
Regulatory Compliance and Investor Information
Civista has proactively filed a shelf registration statement with the Securities and Exchange Commission (SEC). This encompasses a preliminary prospectus supplement tailored for the current offering. Investors are encouraged to review this document alongside the accompanying prospectus to gain a comprehensive understanding of the investment opportunity and the particulars surrounding the offering.
About Civista Bancshares, Inc.
Civista Bancshares, Inc., a financial services holding company valued at $4.1 billion, is headquartered in Ohio. The company’s flagship subsidiary, Civista Bank, has been a staple in the community since its establishment in 1884, providing a variety of services including full banking, commercial lending, and wealth management. Civista Bank proudly operates 42 locations across multiple states and maintains a robust online presence, ensuring accessibility for its diverse clientele.
Commitment to Transparency and Compliance
In line with its commitment to transparency, this announcement serves purely for informational purposes and does not constitute a solicitation for selling or purchasing these securities. The offering will strictly adhere to the Securities Act of 1933, ensuring all regulatory requirements are met. Civista’s dedication to compliant practices reaffirms its ethical stance and commitment to protecting investor interests.
Frequently Asked Questions
What is the purpose of Civista's public offering?
The offering aims to raise capital for general corporate purposes, including potential growth opportunities and strategic transactions.
How many shares are being offered in the public offering?
A total of 3,294,120 common shares are being offered, with an option for underwriters to purchase additional shares.
Who is managing the public offering for Civista?
Piper Sandler & Co. is serving as the sole book-running manager, with multiple co-managers supporting the offering.
How will investors receive information about the offering?
Investors can find detailed information in the preliminary prospectus supplement and accompanying prospectus filed with the SEC.
What is the history of Civista Bancshares?
Civista Bancshares was founded in 1884, providing a range of banking services and expanding its reach across various states over the years.
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