Bank of Commerce Holdings Prices Common Stock Offering

Bank of Commerce Holdings said pre-market Friday it priced an underwritten public offering of almost 2.4 million shares at $10.50 per share, equal to a 5.0% discount relative to the stock’s Thursday closing price.

The company granted underwriters a 30-day option to acquire up to an additional 357,143 shares to cover any over-allotments. It expects net proceeds of $23.3 million or $26.8 million if underwriters exercise their option in full. The bank holding firm plans to use the net proceeds for general corporate purposes, including a capital contribution to its unit Redding Bank of Commerce, and for potential acquisitions or to repay certain borrowings.

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