Key Developments For Smithtown Bancorp, Inc.
Smithtown Bancorp, Inc. (SMTB.O) (Nasdaq)
Smithtown Bancorp Declares Cash Dividend
Smithtown Bancorp announced that it has declared a cash dividend of $.04 per share payable to all common shareholders of record as of the close of business on September 11, 2009. The dividend will be paid on October 1, 2009.
Smithtown Bancorp Announces $5 Million Capital Raising Transaction
Smithtown Bancorp announced that the Company and the Bank have sold $5 million principal amount of the Bank's Subordinated Notes due July 1, 2019 and warrants to purchase up to 125,000 shares of the Company's common stock in a private placement to institutional accredited investors. Sandler O'Neill + Partners, L.P. served as the placement agent for the transaction. The Bank's Subordinated Notes will pay interest semi-annually at a rate of 11% per annum. Beginning July 1, 2014, the Bank may, at its option and subject to regulatory approval, redeem some or all of the Subordinated Notes. It is anticipated that the Subordinated Notes will meet the requirements for Tier II capital under applicable Federal Reserve Board guidelines. The Warrants will carry an exercise price of $11.50 and a seven year term.
Smithtown Bancorp Declares Cash Dividend
Smithtown Bancorp announced that its Board of Directors has declared a cash dividend of $0.04 per share payable to all common shareholders of record as of the close of business on June 12, 2009. The dividend will be paid on July 1, 2009.
Smithtown Bancorp Completes $28 Million Stock Offering
Smithtown Bancorp announced that it has raised $28.0 million through its previously announced public offering. The Company has issued 2.8 million shares of common stock and will record net proceeds from the offering of approximately $26.5 million after deducting the underwriting discounts and commissions and estimated offering expenses. Additionally, Sandler O'Neill + Partners, L.P., the underwriter for the offering, has an unexercised thirty day over allotment option to purchase an additional 200,000 shares.
Smithtown Bancorp Prices Common Stock Offering
Smithtown Bancorp announced that it has entered into an underwriting agreement for the sale of 2.8 million common shares at a price of $10 per share for gross proceeds of $28.0 million, exclusive of any underwriter over-allotment option. The net proceeds of the offering after deducting underwriting discounts and commissions are expected to be $26.74 million. Sandler O'Neill + Partners, L.P., the underwriter for the offering, has been granted a thirty day option to purchase up to an additional 200,000 common shares to cover over-allotments, if any. The Company expects to close the transaction on or about May 20, 2009.
