SAVANNAH, Ga., June 10, 2010 (GLOBE NEWSWIRE) -- The Savannah Bancorp, Inc. (Nasdaq:SAVB) (the "Company") today announced it has priced a public offering of 1,098,398 shares of its common stock at $9.50 per share. The underwriter will have a 30-day option to purchase up to an additional 164,759 shares of the Company's common stock to cover overallotments, if any.
The Company expects to close the sale of common shares on June 15, 2010, subject to customary closing conditions.
The shares of common stock will be issued pursuant to a prospectus supplement filed as part of an existing shelf registration statement filed with the Securities and Exchange Commission on Form S-3 (File No. 333-163210). Prospective investors should read the prospectus contained in the registration statement, the preliminary prospectus supplement and other documents that the Company has filed or will file with the SEC for more complete information about the Company and the offering. Investors may obtain these documents without charge by visiting EDGAR on the SEC website at www.sec.gov. The common stock offering may be made only by means of a prospectus and the related prospectus supplement. Copies of the preliminary prospectus supplement and the prospectus relating to the offering may be obtained from FIG Partners LLC, 1175 Peachtree Street, Suite 22502 Atlanta GA, 30306 (404) 601-7200.This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. FIG Partners LLC served as underwriter. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. In this press release we make forward-looking statements about our ability to raise common capital, the amount of capital we intend to raise and our intended use of that capital. Specific risks that could cause results to differ from the forward-looking statements are set forth in our filings with the SEC and include, without limitation, negative reaction to our public offering, unfavorable pricing of the offering and deterioration in the economy or our loan portfolio that could alter our intended use of the capital.
CONTACT: The Savannah Bancorp, Inc. John C. Helmken II, President and CEO 912-629-6486 Michael W. Harden, Jr., Chief Financial Officer 912-629-6496