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MidSouth Bancorp increases stock offering to $55M

Lafayette, La.-based MidSouth Bancorp Inc. priced its public offering of 4,583,334 common shares at $12.00 apiece for gross proceeds of $55 million.

The offering was increased from the previously announced $50 million. It is expected to close June 13 and have net proceeds of around $51.4 million, of which $32 million will be used to redeem all of its series B preferred stock issued to the U.S. Treasury under the Small Business Lending Fund.

Sandler O'Neill & Partners LP, the sole underwriter for the offering, has 30 days to purchase up to an additional 687,500 common shares.