Lakeland Financial Corporation Announces Filing of Registration Statement for
the Offering of 3.5 Million Shares of Common Stock
WARSAW, Ind., Oct. 26, 2009 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation
(Nasdaq:LKFN), parent company of Lake City Bank, announced today that it has
filed a registration statement with the Securities and Exchange Commission for
the offering of newly issued common stock.
The Company expects to sell 3.5 million shares of common stock in an
underwritten public offering. The price of the common stock will be determined
by agreement of the Company and the underwriters at the time of the offering.
Stifel, Nicolaus & Company, Incorporated will serve as sole-book running manager
and Keefe Bruyette & Woods, Inc. and Howe Barnes Hoefer & Arnett, Inc. will
serve as co-managers for the offering. The Company intends to grant the
underwriters an option to purchase up to an additional 525,000 shares of common
stock to cover over-allotments, if any. The common stock will be issued pursuant
to a prospectus filed as part of the Company's registration statement under the
Securities Act of 1933.
The Company intends to use the net proceeds of the offering for general
corporate purposes, including the contribution of a portion of the proceeds to
Lake City Bank as additional capital.
This announcement 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. A registration statement relating to these securities has
been filed with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. The offering
will be made only by means of a prospectus which is a part of such registration
statement. When available, a copy of the preliminary prospectus may be obtained
from Stifel Nicolaus at One South Street, 15th Floor, Baltimore, Maryland 21202
(Attn: Prospectus Department) or by telephone at 443-224-1988.
Lakeland Financial Corporation is a $2.5 billion bank holding company
headquartered in Warsaw, Indiana. Lake City Bank serves Northern Indiana with 43
branches located in the following Indiana counties: Kosciusko, Elkhart, Allen,
St. Joseph, DeKalb, Fulton, Huntington, LaGrange, Marshall, Noble, Pulaski and
Whitley. The Company also has a Loan Production Office in Indianapolis, Indiana.
Additional information regarding the Company can be accessed on its home page at
www.lakecitybank.com.
This document contains, and future oral and written statements of the Company
and its management may contain, forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, plans, objectives, future
performance and business of the Company. Forward-looking statements, which may
be based upon beliefs, expectations and assumptions of the Company's management
and on information currently available to management, are generally identifiable
by the use of words such as "believe," "expect," "anticipate," "plan," "intend,"
"estimate," "may," "will," "would," "could," "should" or other similar
expressions. Additionally, all statements in this document, including
forward-looking statements, speak only as of the date they are made, and the
Company undertakes no obligation to update any statement in light of new
information or future events. Additional information concerning the Company and
its business, including factors that could materially affect the Company's
financial results, is included in the Companys filings with the Securities and
Exchange Commission.
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CONTACT: Lakeland Financial Corporation
David M. Findlay, Executive Vice President - Administration
and Chief Financial Officer
(574) 267-9197
david.findlay@lakecitybank.com
