This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intervest Bancshares Corporation Announces Exercise Of Over-Allotment Option

Intervest Bancshares Corporation (the “Company”) (Nasdaq: IBCA), today announced that the underwriter of its public offering of common stock, which closed on October 20, 2010, exercised a portion of its over-allotment option to purchase additional shares of the Company’s common stock. The option was granted in connection with the Company’s public offering of 10,600,000 shares of common stock at a public offering price of $1.95 per share. The sale of the additional shares pursuant to the over-allotment option closed today. As a result of the partial exercise of the over-allotment option, the underwriter purchased an additional 1,086,377 shares of the Company’s common stock for proceeds, after deducting expenses and underwriting discounts and commissions, of approximately $1.9 million, resulting in total net proceeds of the offering of approximately $21 million.

Sandler O’Neill & Partners, L.P. is acting as sole book-running manager for the offering.

A registration statement relating to the securities became effective on October 14, 2010 by order of the Securities and Exchange Commission (“SEC”) and the registration statement is available on the SEC’s website located at www.sec.gov. Copies of the final prospectus relating to the offering of the securities may be obtained by contacting Sandler O’Neill & Partners, L.P. toll free at 1-866-805-4128.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any state

Intervest Bancshares Corporation

Intervest Bancshares Corporation is a bank holding company. Its principal operating subsidiary is Intervest National Bank, a nationally chartered commercial bank that has its headquarters and full-service banking office at One Rockefeller Plaza, in New York City, and a total of six full-service banking offices in Clearwater and Gulfport, Florida. Intervest Bancshares Corporation's Class A Common Stock is listed on the NASDAQ Global Select Market: Trading Symbol IBCA.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs