Tallahassee, Fla.-based Prime Meridian Holding Co. registered up to $15.0 million of its common shares for sale. Proceeds, before expenses, are estimated at $14.3 million.
The company, which had $303.9 million in assets as of Dec. 31, 2016, did not include the number of shares or the price per share in its initial registration statement.
Proceeds will go toward general corporate purposes, which could include opening or acquiring additional branches in the North Florida, South Georgia and South Alabama markets. Additionally, the company plans to evaluate opportunities to acquire another financial institution in the next 18 months.
The shares will be sold on a best-efforts basis, with FIG Partners LLC and Hovde Group LLC acting as placement agents.
The stock is already listed on the OTCQX under the ticker symbol PMHG. The regulatory filing notes that Prime Meridian's directors and executive officers owned an aggregate 30.2% stake in the company as of March 8, and have options to buy another 45,940 common shares, which would increase their holdings to 31.8%.