MID AM, INC. EXERCISES OVERALLOTMENT OPTION
MID AM, INC. EXERCISES OVERALLOTMENT OPTION BOWLING GREEN, Ohio, June 11 /PRNewswire/ -- Mid Am, Inc.
(NASDAQ: MIAM) announced today that in connection with Mid Am, Inc.'s public offering of 1,400,000 shares of $1.8125 cumulative convertible preferred stock, Series A, the group of underwriters managed by McDonald & Company Securities, Inc. exercised in full their overallotment option to purchase an additional 210,000 shares.
The underwriters' exercise of the overallotment option brings the net proceeds of the offering to a total of $38,040,000. The Series A preferred stock is entitled to receive cumulative cash dividends at the rate of $1.8125 per share per annum. Dividends on the Series A preferred stock are payable quarterly on March 1, June 1, Sept. 1 and Dec. 1 of each year, commencing Sept. 1, 1992. The Series A preferred stock is redeemable at the option of the company, in whole or in part, at any time on or after June 12, 1997 at a price of $25 per share, plus accrued and unpaid dividends to the redemption date. Shares of Series A preferred stock are convertible by the holder thereof, unless previously redeemed, into shares of common stock at the rate of 1.11 shares of common stock for each share of preferred stock so converted. The company owns three commercial banks and one thrift, with a total of 52 banking offices located in 12 counties along the Interstate 75 corridor. Based on total assets at Dec. 31, 1991, the company was the 12th largest bank holding company in northwest and west central Ohio. Operating through its subsidiaries, the company offers a wide variety of lending, depository, fiduciary and related financial services to individual and business customers. -0- 6/11/92 /CONTACT: Edward J. Reiter, chairman and CEO; Dennis L. Nemec, executive vice president and CFO; or W. Granger Souder, senior vice president/general counsel, all of Mid Am, Inc., 419-352-5271/ (MIAM) CO: Mid Am, Inc. ST: Ohio IN: FIN SU:
KK -- CL013 -- 9294 06/11/92 14:08 EDT
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|Date:||Jun 11, 1992|
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