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Midland Park, N.J.-based Stewardship Financial Corp. announced an underwritten public offering of $15.0 million of its common stock.
The company also plans to grant a 30-day overallotment option to its underwriter for up to an additional 15% of common shares.
Stewardship Financial plans to use the net proceeds for organic growth and general corporate purposes.
Sandler O'Neill & Partners LP is the sole book-running manager for the transaction.