Eagle Bancorp Montana Announces Pricing of Upsized Common Stock Offering
October 11 2017 - 9:00AM
Eagle Bancorp Montana, Inc. (NASDAQ:EBMT) (the “Company,” “Eagle”),
the holding company of Opportunity Bank of Montana (the “Bank”),
announced today the pricing of an upsized underwritten public
offering of 1,050,000 shares of the Company’s common stock at a
price to the public of $18.25 per share for gross proceeds of
approximately $19.2 million. The size of the offering was increased
from the previously announced size of approximately $18.0 million
of common stock. The net proceeds to the Company, after deducting
underwriting discounts and commissions and estimated offering
expenses, are expected to be approximately $17.8 million. The
Company has granted the underwriters a 30-day option to purchase
from the Company up to an additional 139,041 shares of the
Company's common stock to cover over-allotments. The Company
expects to close the transaction, subject to customary conditions,
on or about October 13, 2017. D.A. Davidson & Co. is serving as
sole bookrunning manager of the offering, and FIG Partners, LLC is
serving as a co-manager. The Company intends to use the net
proceeds from the offering for general corporate purposes,
including potential future acquisitions and to support continued
organic growth, with an anticipated $10 million of the net proceeds
to be contributed to the Bank. The shares will be issued by
means of a prospectus supplement and accompanying prospectus filed
as part of an effective shelf registration statement on Form S-3
(File No. 333-216983) filed with the U.S. Securities and Exchange
Commission ("SEC"). This press release shall not constitute an
offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any offer or sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. The offering will be
made only by means of a prospectus. These documents are available
at no charge by visiting the SEC's website at
www.sec.gov. The offering will be made only by means of a
prospectus, copies of which may be obtained from D.A. Davidson
& Co., Attn: Equity Capital Markets, 8 Third St. N., Great
Falls, MT 59401, (406) 791-7319.
About the Company
Eagle Bancorp Montana, Inc. is a bank holding company headquartered
in Helena, Montana and is the holding company of Opportunity Bank,
a community bank established in 1922 that serves consumers and
small businesses in Montana through 14 banking offices. Additional
information is available on the bank’s website at
www.opportunitybank.com. The shares of Eagle Bancorp Montana,
Inc. are traded on the NASDAQ Global Market under the symbol
“EBMT.”
Forward Looking Statements This release
may contain certain "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, and may be identified by the use
of such words as "believe," "expect," "anticipate," "should,"
"planned," "estimated," and "potential." These forward-looking
statements include, but are not limited to statements of our goals,
intentions and expectations; statements regarding our business
plans, prospects, growth and operating strategies; statements
regarding the asset quality of our loan and investment portfolios;
and estimates of our risks and future costs and benefits. These
forward-looking statements are based on current beliefs and
expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond our control. In addition,
these forward-looking statements are subject to assumptions with
respect to future business strategies and decisions that are
subject to change. These factors include, but are not limited to,
changes in laws or government regulations or policies affecting
financial institutions, including changes in regulatory fees and
capital requirements; general economic conditions, either
nationally or in our market areas, that are worse than expected;
competition among depository and other financial institutions; loan
demand or residential and commercial real estate values in Montana;
inflation and changes in the interest rate environment that reduce
our margins or reduce the fair value of financial instruments;
adverse changes in the securities markets; and other economic,
governmental, competitive, regulatory and technological factors
that may affect our operations. Because of these and other
uncertainties, our actual future results may be materially
different from the results indicated by these forward-looking
statements. All information set forth in this press release is
current as of the date of this release and the company undertakes
no duty or obligation to update this information.Contacts: Peter J.
Johnson, President and CEO(406) 457-4006Laura F. Clark, SVP and
CFO(406) 457-4007
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