Lakewood, N.J.-based First Commerce Bank is offering 5 million shares of itscommon stock at $5.00 per share, according to an offering circular dated July 1.
Existing shareholders as of July 1 will have a priority opportunityto buy shares prior to investors who are not current shareholders for the first45 days of the offering. The preference period will end Aug. 14.
There is no minimum subscription requirement for currentshareholders. The minimum subscription for new investors is 4,000 shares,unless waived by the bank
No subscriber may purchase a number of shares which willresult in that shareholder owning more than 4.9% of the bank's shares to beoutstanding upon completion of the offering.
The offering is expected to terminate at 5:00 p.m. ET onOct. 31, unless terminated earlier or extended by the bank to no later thanDec. 31.
Net proceeds from the offering are expected to be about$24.95 million after deduction of estimated costs. The bank intends to use thenet proceeds for general corporate and banking purposes, and to support itsgrowth and lending operations.