Investment Banking - Buckeye State Bank

Transactions | Banking

Client: Buckeye State Bank
Industry: Banking
Transaction Type: Common Stock Offering
Role: Sole Placement Agent

  • Buckeye State Bank is a commercial bank with total assets of $90.5 million at June 30, 2017.  The Bank operates one full service branch in De Graff, Ohio and a loan production office in Worthington, Ohio.  The Bank intends to relocate its administrative offices to a former FirstMerit branch in in Powell, Ohio in October 2017.
  • On June 30, 2017, Buckeye State Bank announced the completion of a first closing of the Bank’s series B common stock selling 253,313 shares at a purchase price of $13.25.  On September 19, 2017, the Bank completed a second closing for 142,276 shares.  In total, the offering provided the Bank with a total of approximately $5.2 million in gross proceeds.
  • Shares issued by the Bank in this offering are not restricted and are freely tradeable by investors immediately upon release.
  • The net proceeds of the offering will be used to enhance the Bank’s regulatory capital position and as growth capital as it continues to expand its business in the central Ohio market.
  • The offering was completed primarily with high net worth individual investors in the Columbus area, including some customers and existing shareholders of the Bank.
  • Boenning served as the sole placement agent for Buckeye State Bank.