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Cambridge Bancorp prices common stock offering

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Cambridge Bancorp prices common stock offering

Cambridge Bancorp priced a public offering of 479,000 common shares at $73.00 per share for gross proceeds of about $35.0 million.

The Cambridge, Mass.-based company has granted the underwriters the option to buy up to an additional 71,850 shares.

The company expects net proceeds of about $33.2 million, after deducting underwriting discounts and commissions and estimated offering expenses. Net proceeds will be used for general corporate purposes, including funding organic growth and potential acquisitions.

The offering is expected to close on or about Dec. 10.

Keefe Bruyette & Woods is the sole book-running manager for the offering.