The Savannah Bancorp, Inc. Announces Pricing of Common Stock Offering
June 10 2010 - 10:33AM
The Savannah Bancorp, Inc. (Nasdaq:SAVB) (the "Company") today
announced it has priced a public offering of 1,098,398 shares of
its common stock at $9.50 per share. The underwriter will have a
30-day option to purchase up to an additional 164,759 shares of the
Company's common stock to cover overallotments, if any.
The Company expects to close the sale of common shares on June
15, 2010, subject to customary closing conditions.
The shares of common stock will be issued pursuant to a
prospectus supplement filed as part of an existing shelf
registration statement filed with the Securities and Exchange
Commission on Form S-3 (File No. 333-163210). Prospective
investors should read the prospectus contained in the registration
statement, the preliminary prospectus supplement and other
documents that the Company has filed or will file with the SEC for
more complete information about the Company and the offering.
Investors may obtain these documents without charge by visiting
EDGAR on the SEC website at www.sec.gov. The common stock
offering may be made only by means of a prospectus and the related
prospectus supplement. Copies of the preliminary prospectus
supplement and the prospectus relating to the offering may be
obtained from FIG Partners LLC, 1175 Peachtree Street, Suite 22502
Atlanta GA, 30306 (404) 601-7200.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
FIG Partners LLC served as underwriter.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
necessarily subject to risk and uncertainty and actual results
could differ materially due to various risk factors, including
those set forth from time to time in our filings with the SEC. You
should not place undue reliance on forward-looking statements and
we undertake no obligation to update any such statements. In this
press release we make forward-looking statements about our ability
to raise common capital, the amount of capital we intend to raise
and our intended use of that capital. Specific risks that could
cause results to differ from the forward-looking statements are set
forth in our filings with the SEC and include, without limitation,
negative reaction to our public offering, unfavorable pricing of
the offering and deterioration in the economy or our loan portfolio
that could alter our intended use of the capital.
CONTACT: The Savannah Bancorp, Inc.
John C. Helmken II, President and CEO
912-629-6486
Michael W. Harden, Jr., Chief Financial Officer
912-629-6496
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