Sterne Agee to Raise $70 million via Private Placement for Bay Commercial Bank
Sterne Agee & Leach is arranging a $70 million private placement of common stock for Bay Commercial Bank to fund the bank’s expansion.
Walnut Creek, Calif.-based Bay Commercial is issuing 7 million shares priced at $10 each, reflecting a 12.4% premium to the price that Bay Commercial traded at today. The offering represents a 3.2% stake in Bay Commercial.
The bank said it may use some of the proceeds for acquisitions, including privately negotiated deals and transactions assisted by the Federal Deposit Insurance Corp.
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