| WSB Financial Group, Inc., the bank holding company for Westsound Bank, announced that it has completed a public offering of 2,645,000 shares of common stock at a price of $16.50 per share, including 345,000 shares pursuant to the exercise in full of the underwriter’s over-allotment option.
After selling costs and estimated expenses, WSB received net proceeds of approximately $40.5 million in the offering. WSB intends to use the net proceeds to enhance its current capital ratios in order to increase its deposit and loan portfolios, expand operations through the opening of new branches and loan production offices, and for general corporate purposes.
Additionally, the company may use a portion of the net proceeds to finance acquisitions of other financial services companies, although it has no present plans in that regard. The company currently plans to contribute a substantial portion of the net proceeds from the offering to the capital of Westsound Bank. |
