HOUSTON, May 17, 2012 /PRNewswire/ -- MetroCorp Bancshares, Inc. (the "Company") (Nasdaq: MCBI) announced that it has priced a registered public offering of 4,445,000 shares of its common stock at $9.00 per share. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $37.3 million. Keefe, Bruyette & Woods, Inc. is acting as the sole underwriter for the offering. The Company has also granted the underwriter a 30-day option to purchase an additional 666,750 shares of common stock on the same terms and conditions to cover over-allotments, if any.
The offering is expected to close on or about May 21, 2012, subject to customary closing conditions. The Company expects to use the proceeds from the offering for general corporate purposes, which may include, without limitation, investments at the holding company level, providing capital to support the growth of the Company's subsidiary banks, de novo branching and expansion and acquisitions or other business opportunities, including FDIC-assisted transactions. The Company also may seek the approval of its regulators to utilize a portion of the proceeds of this offering and other cash available to the Company to repurchase all or a portion of the $45.0 million of Series A Preferred Stock and the warrant to purchase common stock that the Company issued to the U.S. Department of the Treasury in connection with the Company's participation in Treasury's Capital Purchase Program.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy shares of the Company's common stock nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus and related prospectus supplement that have been filed as part of an effective shelf registration statement with the Securities and Exchange Commission on Form S-3 (Registration No. 333-180889). Copies of the prospectus and related prospectus supplement may be obtained from the SEC's Web site at: www.sec.gov. Alternatively, you may obtain a copy of the prospectus by contacting Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, telephone (800) 966-1559.The Company is a Texas based bank holding company that provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. in Texas and Metro United Bank in California. The Company has 13 full service banking locations in the greater Houston and Dallas, Texas metropolitan areas, and six full service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas. On a consolidated basis, as of March 31, 2012, the Company had approximately $1.50 billion in assets, $1.05 billion in total loans, $1.26 billion in deposits and $167.4 million in total shareholders' equity. Forward-Looking Statements
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.