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Overallotment adds $1.4M to Evans Bancorp's public offering

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Overallotment adds $1.4M to Evans Bancorp's public offering

Hamburg, N.Y.-based Evans Bancorp Inc. completed the sale of an additional 40,000 common shares, after underwriters partially exercised the overallotment option in connection with the recently completed public offering of 400,000 common shares at $35.00 per share.

With the additional gross proceeds of $1.4 million, total gross proceeds from the offering now amount to approximately $15.4 million.

The company expects to use the net proceeds to support organic growth and other general corporate purposes, including contributing capital to unit Evans Bank NA.

Sandler O'Neill & Partners LP was the sole book-running manager for the offering and Hovde Group LLC served as co-manager.