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Family trust looking to buy $2M worth of WB&T Bankshares stock

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Family trust looking to buy $2M worth of WB&T Bankshares stock

Moi M. Monroe and Ida M. Monroe Trust is looking to acquire 114,285 WB&T Bankshares Inc. shares in a limited stock offering conducted under Georgia's securities statutes, according to a regulatory filing recently obtained by S&P Global Market Intelligence.

The trust has four trustees, two of whom are cousins Moi M. Monroe III and William J. Monroe Jr., who are WB&T Bankshares directors and long-term stockholders. Their first cousin Hannah Hopkins Franklin is also a trustee. Columbus, Ga.-based Synovus Bank also acts as a trustee but only in the capacity of preparing financial statements and facilitating annual tax preparations.

Because the trust renders them acting in concert by regulation, their current family ownership is also combined, which would take their ownership over the 10% ownership threshold.

The Monroe Trust currently does not own any stock of the Waycross, Ga.-based company. It will use cash on hand to buy the shares in a new stock issuance. According to the filing, the purchase price per share of stock to be acquired is $17.50, for a total purchase price of about $2.0 million.

WB&T Bankshares has 10 million authorized shares, with 4,311,519 currently outstanding. The number of pro forma outstanding shares will be 4,425,804.