U.S. Century Bank Announces Pricing of Initial Public Offering of Class A Common Stock
U.S. Century Bank (USCB) has priced its initial public offering (IPO) of 4,000,000 shares of Class A common stock at $10.00 per share, aiming for net proceeds of approximately $34.0 million. Trading begins on July 23, 2021, on Nasdaq under the symbol 'USCB,' with the offering closing around July 27, 2021. The bank has also granted underwriters a 30-day option for an additional 600,000 shares. Proceeds will support growth and redemption of preferred stock. The recent exchange offer for $102.8 million in preferred stock closed on July 21, 2021.
- Expected net proceeds of approximately $34.0 million from the IPO.
- Funds will be used for growth and potential acquisitions.
- Successful exchange of $102.8 million in preferred stock for Class A stock.
- Potential dilution of shares if underwriters' option is fully exercised.
U.S. Century Bank (USCB) announced yesterday the pricing of the initial public offering of 4,000,000 shares of its Class A common stock, at a public offering price of
U.S. Century Bank intends to use the net proceeds from this offering to support continued growth, including organic growth and potential future acquisitions, as well as for the redemption of any remaining outstanding shares of U.S. Century Bank preferred stock following the completion of the voluntary exchange offer being separately conducted, pursuant to which U.S. Century Bank has offered all holders of outstanding Class C preferred stock and Class D preferred stock the ability to exchange such shares for shares of its Class A common stock at the initial offering price. The exchange offer expired on July 21, 2021 and closed effective as of yesterday, with U.S. Century Bank accepting for exchange approximately
Keefe, Bruyette & Woods, A Stifel Company, is acting as the sole bookrunner in the offering, and Raymond James & Associates, Inc. and Piper Sandler & Co. are acting as co-managers.
A registration statement on Form 10 relating to these securities has been filed with the Federal Deposit Insurance Corporation ("FDIC") and was declared effective by the FDIC on July 22, 2021. The offering has been made only by means of a preliminary offering circular attached as an exhibit to such registration statement on Form 10. The preliminary offering circular relating to the offering and a registration statement on Form 10 that have been filed with the FDIC are available at https://efr.fdic.gov/fcxweb/efr/index.html. In addition, copies of the final offering circular may be obtained (when available) from Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling (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 these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. These securities are neither insured nor approved by the FDIC, the Securities and Exchange Commission, the Florida Office of Financial Regulation or any other regulatory body.
About U.S. Century Bank
Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the state, with assets exceeding
Forward-Looking Statements
This press release contains "forward-looking statements." These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of U.S. Century Bank's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan" or words or phases of similar meaning. U.S. Century Bank cautions that the forward-looking statements are based largely on U.S. Century Bank's expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond U.S. Century Bank's control. Such forward-looking statements are based on various assumptions (some of which may be beyond U.S. Century Bank's control) and are subject to risks and uncertainties, which and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they will affect us. If one or more of the factors affecting U.S. Century Bank's forward-looking information and statements proves incorrect, then U.S. Century Bank's actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, U.S. Century Bank cautions you not to place undue reliance on U.S. Century Bank's forward-looking information and statements. U.S. Century Bank disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
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