Revere Bank (OTCQX: REVB) announced today the closing of an underwritten public offering of 1,610,000 shares of its common stock, which includes 210,000 shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares, at a price to the public of $29.25 per share, resulting in aggregate gross proceeds of $47.1 million. The net proceeds of the offering, after deducting estimated underwriting discounts and offering expenses, are expected to be approximately $44.1 million.
Revere Bank's common stock now trades on the OTCQX under the ticker symbol "REVB."
Sandler O'Neill + Partners, L.P. acted as sole book-running manager and FIG Partners, LLC acted as co-manager for the offering.
About Revere Bank
Revere Bank is a commercial bank incorporated in and chartered by the State of Maryland. The Bank is regulated by the Federal Deposit Insurance Corporation and the State of Maryland and its deposits are insured by the Federal Deposit Insurance Corporation.
