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Evans Bancorp closes public offering

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Evans Bancorp closes public offering

Hamburg, N.Y.-based Evans Bancorp Inc. completed a public offering for 400,000 of its common shares.

The shares were sold at $35.00 per share, resulting in gross proceeds of $14.0 million and net proceeds of roughly $12.9 million. Proceeds will be used to support organic growth and other general corporate purposes, including contributing capital to unit Evans Bank NA.

Underwriters have been given a 30-day option to purchase up to an additional 60,000 shares.

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