Northeast Bank Announces Commencement of At-the-Market Offering of Voting Common Stock
Northeast Bank (NASDAQ: NBN) has announced an at-the-market offering of voting common stock with an aggregate offering price of up to $75 million. The offering will be conducted through Piper Sandler and KBW as distribution agents, with sales made at prevailing market prices or negotiated prices.
The Bank plans to use the net proceeds for general corporate purposes and to support additional growth. The shares will be offered through an offering circular, and the completion of the offering is subject to market conditions with no guaranteed timeline or terms.
Northeast Bank operates as a full-service bank headquartered in Portland, Maine, with seven banking centers serving the Maine market, alongside National Lending and SBA Divisions operating nationwide.
Northeast Bank (NASDAQ: NBN) ha annunciato un'offerta al mercato di azioni ordinarie con diritto di voto per un prezzo complessivo fino a $75 milioni. L'offerta sarà gestita da Piper Sandler e KBW in qualità di agenti di distribuzione, con vendite effettuate a prezzi di mercato prevalenti o a prezzi negoziati.
La Banca prevede di utilizzare i proventi netti per scopi aziendali generali e per sostenere una crescita ulteriore. Le azioni saranno offerte tramite un circolare di offerta, e il completamento della stessa è soggetto alle condizioni di mercato, senza una tempistica o termini garantiti.
Northeast Bank opera come una banca a servizio completo con sede a Portland, nel Maine, con sette centri bancari che servono il mercato del Maine, insieme a Divisioni di Prestiti Nazionali e SBA che operano a livello nazionale.
Northeast Bank (NASDAQ: NBN) ha anunciado una oferta en el mercado de acciones ordinarias con derecho a voto por un precio total de hasta $75 millones. La oferta se llevará a cabo a través de Piper Sandler y KBW como agentes de distribución, con ventas realizadas a precios de mercado prevalentes o precios negociados.
El Bank planea utilizar los ingresos netos para fines corporativos generales y para apoyar un crecimiento adicional. Las acciones se ofrecerán a través de un folleto de oferta, y la finalización de la oferta está sujeta a las condiciones del mercado sin un cronograma o términos garantizados.
Northeast Bank opera como un banco de servicio completo con sede en Portland, Maine, con siete centros bancarios que atienden el mercado de Maine, junto con Divisiones de Préstamos Nacionales y SBA que operan a nivel nacional.
Northeast Bank (NASDAQ: NBN)는 총 $75백만의 공모가로 주식 발행을 시장에서 발표했습니다. 이 제공은 Piper Sandler와 KBW를 유통 대리인으로 하여, 현재 시장 가격 또는 협상된 가격으로 판매됩니다.
은행은 일반 기업 목적과 추가 성장을 지원하기 위해 순수익을 사용할 계획입니다. 주식은 제공 안내서를 통해 제공되며, 제공 완료는 시장 상황에 따라 달라지며 보장된 일정이나 조건은 없습니다.
Northeast Bank는 메인주 포틀랜드에 본사를 둔 종합 서비스 은행으로, 메인 시장에 서비스를 제공하는 7개의 은행 센터와 전국적으로 운영되는 국가 대출 및 SBA 부서가 있습니다.
Northeast Bank (NASDAQ: NBN) a annoncé une offre au marché d'actions ordinaires avec droit de vote pour un prix total pouvant atteindre 75 millions de dollars. L'offre sera réalisée par le biais de Piper Sandler et de KBW en tant qu'agents de distribution, avec des ventes effectuées aux prix de marché en vigueur ou à des prix négociés.
La Banque prévoit d'utiliser les produits nets pour des besoins d'entreprise généraux et pour soutenir une croissance additionnelle. Les actions seront proposées par le biais d'un brochure d'offre, et l'achèvement de l'offre dépend des conditions du marché sans délai ou termes garantis.
Northeast Bank opère en tant que banque de service complet dont le siège est à Portland, dans le Maine, avec sept centres bancaires desservant le marché du Maine, ainsi que des divisions de prêt national et de SBA opérant à l'échelle nationale.
Northeast Bank (NASDAQ: NBN) hat ein Angebot von stimmberechtigten Stammaktien im Marktplatz von bis zu 75 Millionen US-Dollar angekündigt. Das Angebot wird durch Piper Sandler und KBW als Vertriebsagenten durchgeführt, wobei Verkäufe zu den aktuellen Marktpreisen oder zu ausgehandelten Preisen stattfinden.
Die Bank plant, die Nettoerlöse für allgemeine Unternehmenszwecke und zur Unterstützung zusätzlicher Wachstumsinitiativen zu verwenden. Die Aktien werden über einen Angebotsrundbrief angeboten, und der Abschluss des Angebots unterliegt den Marktbedingungen ohne garantierten Zeitrahmen oder Bedingungen.
Northeast Bank fungiert als Full-Service-Bank mit Hauptsitz in Portland, Maine, und betreibt sieben Bankzentren, die den Markt in Maine bedienen, sowie nationale Kredit- und SBA-Abteilungen, die landesweit tätig sind.
- Additional capital raising of up to $75 million to support growth initiatives
- Flexible at-the-market offering structure allowing for opportunistic share sales
- Potential dilution of existing shareholders through new share issuance
- Uncertain timing and completion of the offering subject to market conditions
Insights
PORTLAND, Maine, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that it has entered into an equity distribution agreement with Piper Sandler & Co. (“Piper Sandler”) and Keefe, Bruyette & Woods, Inc. (“KBW”) for the offer and sale from time to time of shares of its voting common stock having an aggregate offering price of up to
The Bank intends to use the net proceeds from the offering for general corporate purposes, including the support of additional growth.
The Shares will be offered through Piper Sandler and KBW, as the distribution agents. Sales of the Shares, if any, will be made from time to time in negotiated transactions at market prices prevailing at the time of a sale or at negotiated prices, or as otherwise agreed with the distribution agents, and, as a result, sale prices may vary. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
The offering will be made only by means of an offering circular. Copies of the offering circular relating to this offering may be obtained, when available, by contacting Piper Sandler, Attention: Equity Capital Markets Department, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or via email at Prospectus@psc.com, or by phone at +1 (800) 747-3924 or KBW, via email at kbwsyndicatedesk@kbw.com or by phone at +1 (800) 966-1559.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, which is being made only by means of an offering circular, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Shares are neither insured nor approved by the Federal Deposit Insurance Corporation (the “FDIC”).
About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven banking centers. Our National Lending Division purchases and originates commercial loans on a nationwide basis and our SBA Division supports the needs of growing businesses nationally. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as statements relating to the financial condition, prospective results of operations, future performance or expectations, plans, objectives, prospects, loan loss allowance adequacy, simulation of changes in interest rates, capital spending, finance sources, and revenue sources of the Bank. These statements relate to expectations concerning matters that are not historical facts. Accordingly, statements that are based on management’s projections, estimates, assumptions, and judgments constitute forward-looking statements. These forward looking statements, which are based on various assumptions (some of which are beyond the Bank’s control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology such as “believe”, “expect”, “estimate”, “anticipate”, “continue”, “plan”, “approximately”, “intend”, “objective”, “goal”, “project”, or other similar terms or variations on those terms, or the future or conditional verbs such as “will”, “may”, “should”, “could”, and “would”.
Such forward-looking statements reflect the Bank’s current views and expectations based largely on information currently available to the Bank’s management, and on the Bank’s current expectations, assumptions, plans, estimates, judgments, and projections about the Bank’s business and industry, and they involve inherent risks and uncertainties. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. Accordingly, the Bank cannot give you any assurance that its expectations will in fact occur or that its estimates or assumptions will be correct. The Bank cautions you that actual results could differ materially from those expressed or implied by such forward-looking statements as a result of, among other factors, changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credit losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; changes in interest rates and real estate values; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changing government regulation; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and updated by our Quarterly Reports on Form 10-Q and other filings submitted to the FDIC.
For More Information:
Richard Cohen, Chief Financial Officer
Northeast Bank, 27 Pearl Street, Portland, ME 04101
207.786.3245 ext. 3249
www.northeastbank.com
FAQ
What is the size of Northeast Bank's (NBN) at-the-market offering announced in December 2024?
How will Northeast Bank (NBN) use the proceeds from its 2024 stock offering?
Which firms are managing Northeast Bank's (NBN) 2024 at-the-market offering?
