Neenah, Wisconsin (January 20, 2015) – First Menasha Bancshares, Inc. (OTCQB: FMBJ) (the “Company” or “First Menasha”), the bank holding company for The First National Bank-Fox Valley, announced today that it has closed on the sale of approximately $16.3 million of the Company’s common stock in a private offering (the “Transaction”). Shares of First Menasha’s common stock were sold at a price of $68.65 per share. Pending regulatory review, First Menasha expects to close on the sale of an additional $2.1 million of its common stock in the second quarter of 2015. The aggregate net proceeds to the Company from both closings are expected to be approximately $17.2 million. The Company plans to employ the capital to support the organization’s growth and expansion and, subject to regulatory approval, to repurchase preferred stock previously issued in conjunction with the U.S. Department of Treasury’s Small Business Lending Fund program. Castle Creek Capital was the lead investor.
“This new capital will allow FNB Fox Valley to continue its growth trajectory and fulfill its mission to be the premier community bank in the Fox Valley of Wisconsin. As the largest privately held bank in the Fox Valley, we offer services on a broad and large scale to our communities. We are fortunate to operate in a dynamic and growing market where there exists strong demand for services delivered by local banks who maintain close ties with the community. In the new bank regulatory environment, greater size and scale are needed to effectively provide the services consumers expect. By providing us with this capital, our investors have given a vote of confidence to our market and FNB Fox Valley’s role in it as a valuable resource serving the businesses and people of our community,” said Peter Prickett, Chairman and President of First Menasha Bancshares, Inc.
Hovde Group, LLC served as the sole placement agent for the Company in connection with the Transaction, and Godfrey & Kahn, S.C. served as legal counsel to the Company in connection with the Transaction.
About First Menasha Bancshares, Inc.
First Menasha Bancshares, Inc. is a $410 million single-bank holding company headquartered in Neenah, Wisconsin. First Menasha’s wholly-owned bank subsidiary, The First National Bank-Fox Valley, was chartered in 1887 and has five branches in the Fox Valley region of Wisconsin. For additional information, visit the Company’s Web site at http://www.fnbfoxvalley.com.
Forward-Looking Statements
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements the Company makes about: (i) the future operating or financial performance of the Company, including its outlook for future growth; (ii) the expected outcome and impact of legal, regulatory and legislative developments, as well as expectations regarding compliance therewith; (iii) uses of capital; and (iv) the Company’s plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.
Important Information
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. The securities sold have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act.
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For more information, contact
Michael W. Boettcher – Chief Financial Officer
Email: mboettcher@fnbfoxvalley.com
Phone: (920) 729-6944
