Malvern Bancorp Inc. priced its public offering of 1,190,477 common shares at $21 each for net proceeds of about $23.4 million.
Net proceeds will be used to increase capital structure, fund future organic growth, for working capital and other general corporate purposes. A portion may also be used for future acquisitions.
The Paoli, Pa.-based company expects to close the offering on or about Oct. 9. It granted the underwriter a 30-day option to buy up to an additional 178,571 common shares.
Sandler O'Neill & Partners LP is the sole underwriter for the offering.