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Evans Bancorp prices common stock offering

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Evans Bancorp prices common stock offering

Hamburg, N.Y.-based Evans Bancorp Inc. priced its previously announced underwritten public offering of 400,000 shares of common stock at $35.00 per share, for gross proceeds of approximately $14.0 million.

The company expects to use the net proceeds of approximately $12.9 million to support organic growth and for other general corporate purposes, which include contributing capital to unit Evans Bank NA.

Underwriters were granted a 30-day option to buy up to an additional 60,000 shares of common stock, at the same price and on the same terms and conditions.

The offering is expected to close Jan. 23.

Sandler O'Neill & Partners LP is serving as the sole book-running manager for the offering and Hovde Group LLC is the co-manager for the offering.