Meridian Bank has commenced an underwritten public offering of approximately 2.2 million shares of its common stock, with an initial public offering price per share of its common stock of between $17.00 and $19.00. All of the shares to be sold in the offering will be offered by Meridian Bank. In addition, Meridian Bank intends to grant the underwriters a 30-day over-allotment option to purchase an additional 15% of the shares sold in the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
Meridian Bank intends to use the proceeds to repurchase all of the outstanding shares of its Series 2009A Preferred Stock, Series 2009B Preferred Stock, and Series 2009C Preferred Stock for approximately $12.8 million and for general corporate purposes.
Sandler O’Neill + Partners, L.P. is acting as sole book-running manager for the proposed offering. Keefe, Bruyette & Woods, Inc., a Stifel Company, and D.A. Davidson & Co. are acting as co-managers.
The offering will be made only by means of an offering circular. Copies of the preliminary offering circular relating to this offering may be obtained, when available, by contacting Sandler O’Neill + Partners, L.P., Attention: Prospectus Department, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or via email at email@example.com.
Meridian Bank has also submitted an application to list its shares of common stock on The NASDAQ Stock Market LLC (“Nasdaq”). The listing is conditional on Nasdaq approving Meridian Bank’s listing application. If approved, the ticker symbol for its shares of common stock would be “MRBK.”