Bancorp Rhode Island, Inc. Completes Public Offering of 550,000 Shares of Common Stock.PROVIDENCE Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , R.I. -- Bancorp Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Inc. (Nasdaq: BARI) ("Company"), the holding company for Bank Rhode Island ("Bank"), announced that it has successfully completed an offering of 550,000 shares of the Company's common stock producing net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $18.7 million. "We are very pleased with the results of our offering," said Merrill Sherman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Bancorp Rhode Island, Inc. "The proceeds will enable us to support our growth model, capitalizing on the opportunities our marketplace, expertise and customer base afford us." Ryan Beck & Co., Inc. ("Ryan Beck") and Keefe, Bruyette & Woods, Inc. were underwriters for the sale with Ryan Beck serving as lead book-running manager. The underwriters have been granted an option, exercisable for a period of 30 days, to purchase up to an additional 82,500 shares of common stock to cover over-allotments, if any. If the over-allotment is exercised, the net proceeds of the offering will increase by approximately $2.9 million. Bancorp Rhode Island, Inc. is the parent company of Bank Rhode Island, a full-service, FDIC-insured financial institution headquartered in Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. . The Bank operates 14 branches throughout Providence, Kent and Washington Counties Washington County is the name of 30 counties and one parish in the United States of America, all named for George Washington. It is the most common county name in the United States. . As of December 31, 2004, Bancorp Rhode Island's total assets stood at $1.2 billion and total deposits were $880.7 million. Bancorp Rhode Island's corporate web site is located at www.bankri.com. This release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the company's present expectations or beliefs concerning future events. The company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the company's filings with the Securities and Exchange Commission. |
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