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Howard Bancorp selling common stock in public offering

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Howard Bancorp selling common stock in public offering

Ellicott City, Md.-based Howard Bancorp Inc. commenced a public offering of roughly $30 million of its common stock.

The underwriters have a 30-day overallotment option to purchase an additional 15% of the offered amount.

Proceeds from the offering will go to general corporate use, including contributing to the capital of unit Howard Bank to support its lending and investing activities, repayment of debt and to support or fund acquisitions of other institutions or branches should opportunities arise.

Raymond James & Associates Inc. is serving as bookrunning manager and Stephens Inc. is serving as lead manager.