Harrisburg, Pa.-based Riverview Financial Corp. is selling 269,885 of its common shares and 1,348,809 shares of its newly created series of convertible, perpetual preferred stock in a private placement.
The company has signed agreements with investors and institutional buyers regarding the sale and expects to raise approximately $17.0 million.
The price per share for both the common and preferred stock is $10.50. The completion of the sale is expected to occur on or about Jan. 20.
Proceeds will be used for general corporate purposes, including making loans and strategic acquisitions of bank or wealth management partners when opportunities arise.
Barley Snyder LLP advised Riverview.