Bank of Princeton priced an underwritten public offering of 1.5 million shares of its common stock at $32.00 per share, for gross proceeds of approximately $48.0 million, before deducting underwriting discounts and commissions and other offering expenses.
Underwriters have a 30-day option to buy up to an additional 225,000 shares of its common stock.
In addition, the Princeton, N.J.-based bank received approval to list its shares of common stock on the Nasdaq Stock Market. Its common stock will begin trading on the Nasdaq Global Select Market on Aug. 1, under its present ticker symbol BPRN.
The offering is expected to close on or about Aug. 4.
The bank intends to use proceeds from the offering for general corporate purposes, additional organic growth through its loan portfolio or through strategic acquisitions, financings, investments and capital expenditures.
Sandler O'Neill & Partners LP is acting as sole book-running manager for the offering. Boenning & Scattergood Inc. and FBR Capital Markets & Co. are acting as co-managers.