Carolina National Prices Public Offering of Common Stock
December 15 2005 - 5:11PM
PR Newswire (US)
COLUMBIA, S.C., Dec. 15 /PRNewswire-FirstCall/ -- Carolina National
Corporation (NASDAQ:CNCP) announced today that its common stock is
now trading on the Nasdaq Capital Market under the Nasdaq symbol
CNCP and it has priced its public offering of 1 million shares of
its common stock at $16.00 per share. Carolina National has granted
the underwriter an option to purchase up to an additional 150,000
shares of common stock to cover over- allotments. The offering is
subject to customary closing conditions and is expected to close on
Tuesday, December 20, 2005. The Company expects to receive net
proceeds of approximately $15.0 million from its sale of shares
after deducting sales commissions and expenses. The Company intends
to use the proceeds of the offering to repay certain indebtedness,
to contribute to the bank's capital, to pursue future loan
production and asset growth and to open new branches in the next
few years. Scott & Stringfellow, Inc. is the sole book running
underwriter for the offering. This press release is neither an
offer to sell nor a solicitation of an offer to buy shares of
common stock. The offering of these securities will be made only by
means of a prospectus. When available, copies of the prospectus may
be obtained from Scott & Stringfellow, Inc., P. O. Box 1575,
Richmond, VA 23218-1575, Attention: James A. Tyler, Jr.,
804-780-3267. About Carolina National Carolina National Corporation
is the holding company for Carolina National Bank and Trust
Company, an independent community banking oriented, full service
financial institution conducting a general commercial and consumer
banking business from three branches in the greater Columbia, SC
marketplace. This press release contains forward-looking
statements. The statements regarding expected results of Carolina
National are subject to various factors and uncertainties,
including the uncertainties associated with the timing of branch
openings, changes in interest rates, changes in regional, national
and international economic conditions, and changes in the
conditions of the industries in which Carolina National's customers
provide products and services. DATASOURCE: Carolina National
Corporation CONTACT: Rollo F. Ingram, CFO, , or Roger B. Whaley,
President, both of Carolina National Bank and Trust Company,
+1-803-779-0411 Web site: http://www.carolinanationalbank.com/
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