Equitable Financial reports offering results.
BANKING AND CREDIT NEWS-July 13, 2015-Equitable Financial reports offering results
(C)2015 M2 COMMUNICATIONS http://www.m2.com
Equitable Financial Corp. said in its subscription and community offerings, it anticipates selling 1,983,160 shares of common stock at USD8.0 per share, for gross offering proceeds of approximately USD15.9 million.
Concurrent with the completion of the offerings, shares of stock of Equitable Financial Corp. (OTC Pink: EQFC) will be exchanged for shares of New Equitable's common stock so that Old Equitable's existing stockholders will own approximately the same percentage of New Equitable's common stock as they owned of Old Equitable's common stock immediately prior to the conversion, subject to adjustment as disclosed in the prospectus.
As a result, stockholders of Old Equitable will receive 1.0911 shares of New Equitable's common stock for each share of Old Equitable common stock they own immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid at a rate of USD8.00 per share. As a result of the offering and the exchange of shares, New Equitable will have 3,477,328 shares outstanding after giving effect to the transaction, subject to adjustment for fractional shares.
Equitable Bank is a full-service bank with four branches in Grand Island, North Platte and Omaha.
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|Publication:||M2 Banking & Credit News (BCN)|
|Article Type:||Financial report|
|Date:||Jul 13, 2015|
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