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Howard Bancorp upsizes public offering

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Howard Bancorp upsizes public offering

Following an earlier announcement for a public offering of $30 million of its common stock, Ellicott City, Md.-based Howard Bancorp Inc. upsized the offering and now expects $36.0 million in gross proceeds.

The bank is selling 2.4 million common shares in the offering at $15.00 per share. Underwriters have a 30-day overallotment option that allows them to purchase an additional 360,000 shares at the same price.

Proceeds from the offering will go to general corporate use, including contributing to the capital of unit Howard Bank to support its lending and investing activities, repayment of debt and to support or fund acquisitions of other institutions or branches should opportunities arise.

Raymond James & Associates Inc. is serving as book-running manager and Stephens Inc. is serving as lead manager.

The company also recently increased its aggregate authorized common stock to 20 million shares from 10 million shares.