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Plains Bancshares to raise $4.9M via common equity

Plains, Kan.-based Plains Bancshares Inc., prior to the closing of its acquisition of Salina, Kan.-based Sixth Bancshares Inc., intends to raise about $4.9 million of common equity capital from a private offering made to new and existing shareholders.

The investors buying shares in the offering are primarily members of the Clawson family, the controlling group of Plains Bancshares.

The capital raise was disclosed in Plains Bancshares' application to acquire Sixth Bancshares. The filing also stated the aggregate consideration in the merger will be about $14.4 million, which would be about $12.71 per share.