Investment Banking - Citizens & Northern Corporation
Transactions | Banking
Client: Citizens & Northern Corporation
Transaction Type: Common Stock Offering
- Citizens & Northern Corporation (“CZNC” or the “Company”) is a bank holding company for Citizens and Northern Bank (“C&N Bank”) and First State Bank. C&N Bank operates 24 branches in seven counties in north-central Pennsylvania. First State Bank operates two branches in Steuben County, New York.
- As of September 20, 2009, the Company had total deposit of $897 million and total assets of $1.3 billion.
- The Company sold 2,500,000 common share in the offering before an allowable overallotment of 375,000 common shares.
- Gross proceeds of approximately $20.0 million are expected to be used for general corporate purposes, providing capital to support its subsidiary, supporting asset and deposit growth, engaging in acquisitions or other business combinations. CZNC may also seek regulatory approval to repurchase the Series A Preferred Stock (i.e. TARP) and the warrant partly though the net proceeds of this offering.
- The Firm acted as a Co-Manager on the offering.