SmartFinancial, Inc. Announces Launch of Public Offering of Common Stock
January 18 2017 - 8:00AM
SmartFinancial, Inc. (“SmartFinancial”) (NASDAQ:SMBK), the holding
company of SmartBank, announced the launch of its public offering
of 1,770,084 shares of its common stock, of which 170,084 shares
will be offered by certain selling shareholders. SmartFinancial
will not receive any proceeds from shares sold by the selling
shareholders. The underwriters will have a 30-day option to
purchase an additional 240,000 shares of common stock to cover
over-allotments, if any, from SmartFinancial.
SmartFinancial intends to use approximately
$12.1 million of the net proceeds of the offering to redeem,
subject to regulatory approval, its outstanding preferred stock
issued to the US Treasury in connection with the company’s
participation in the Small Business Lending Fund program. The
company intends to use the remaining portion of the net proceeds of
the offering for general corporate purposes, which may include
working capital or providing capital to support its, as well
as SmartBank’s, growth, organically or through the acquisition of
banks or bank branches, for financing investments and capital
expenditures, and for investments in SmartBank as regulatory
capital.
Raymond James & Associates, Inc. is acting
as lead book-running manager, and Keefe, Bruyette & Woods, a
Stifel Company, and Hovde Group, LLC will serve as co-managers.
The shares are being offered pursuant to a shelf
registration statement under the Securities Act of 1933, as
amended, which was previously filed with and declared effective by
the Securities and Exchange Commission (the “SEC”) on January 9,
2017. The offering is being made only by means of a prospectus and
related preliminary prospectus supplement, copies of which may be
obtained from the offices of Raymond James & Associates, Inc.,
880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling
toll-free: (800) 248-8863. Investors may also obtain copies of
these documents free of charge by visiting the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may
be made only by means of a prospectus and a related prospectus
supplement, which have or will be filed with the SEC.
About SmartFinancial, Inc.
SmartFinancial, a Tennessee corporation, is a
bank holding company headquartered in Knoxville, Tennessee.
Its wholly-owned subsidiary, SmartBank, provides a wide range of
banking, mortgage, and financial services to business and
individual customers. With 12 branches across east Tennessee and in
northwest Florida, we were the 11th largest commercial bank
headquartered in Tennessee as of September 30, 2016 and one of the
largest commercial banks headquartered in east Tennessee, based on
asset size. More information about SmartFinancial and
SmartBank can be found at the website: www.smartbank.com.
Cautionary Note Regarding
Forward-Looking Statements
This release and the documents referenced herein
contain forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. SmartFinancial cautions
you that a number of important factors could cause actual results
to differ materially from those currently anticipated in any
forward-looking statement. Such factors include, but are not
limited to: changes in management’s plans for the future,
prevailing economic and political conditions, particularly in our
market area; credit risk associated with our lending activities;
changes in interest rates, loan demand, real estate values, and
competition; changes in accounting principles, policies, and
guidelines; changes in any applicable law, rule, regulation, or
practice with respect to tax or legal issues; and other economic,
competitive, governmental, regulatory, and technological factors
affecting our operations, pricing, products, and services and other
factors that may be described in our annual reports on Form 10-K
and quarterly reports on Form 10-Q as filed with the SEC from time
to time.
The forward-looking statements are made as of
the date of this release, and, except as may be required by
applicable law or regulation, SmartFinancial assumes no obligation
to update the forward-looking statements or to update the reasons
why actual results could differ from those projected in the
forward-looking statements.
Investor Contacts
Billy Carroll, President & CEO
865.868.0613
Frank Hughes, Executive Vice President
Investor Relations
423.385.3009
Media Contact
Kelley Fowler, First Vice President, Public Relations & Marketing
SmartBank
865.868.0611
SmartFinancial (NASDAQ:SMBK)
Historical Stock Chart
From Apr 2024 to May 2024
SmartFinancial (NASDAQ:SMBK)
Historical Stock Chart
From May 2023 to May 2024