Net.B@nk, Inc. Announces Completion of Public Offerings of Common Stock and Convertible Subordinated Notes
I am not sure if I should post those pieces of news. Let me know if it's unfit.
biz.yahoo.com
ATLANTA, June 4 /PRNewswire/ -- Net.B@nk, Inc. (Nasdaq: NTBK - news) announced today that it has completed concurrent public offerings of 3,000,000 shares of its common stock at a price of $29.00 per share and $100,000,000 aggregate principal amount of its 4-3/4% Convertible Subordinated Notes Due 2004. Both offerings were managed by Bear, Stearns & Co. Inc., BancBoston Robertson Stephens, Inc., Raymond James & Associates, Inc., and Kelton International Ltd. The Company has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock and up to $15,000,000 aggregate principal amount of the Subordinated Notes to cover over-allotments. A majority of the net proceeds of the offerings will be used to invest in earning assets, including purchased loan portfolios, new loans that the Company originates and investment securities. The Company intends to use the earnings from these assets and the balance of the net proceeds from these offerings for general corporate purposes, including increasing its marketing efforts, hiring additional personnel, funding other costs related to its accelerated deposit growth and pursuing strategic partnerships and investments.
Net.B@nk (http://www.netbank.com ) is the largest federally insured bank operating exclusively on the Internet. The Company's mission is to profitably provide a broad range of banking and financial services to the growing number of Internet users. Its low-cost, branchless business model allowed Net.B@nk to attain profitability within a year of acquiring its bank charter and to continue to maintain profitability while passing along its operating cost savings to customers in the form of attractive interest rates and low fees.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state. Copies of a prospectus relating to the offering are available from Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167; BancBoston Robertson Stephens, Inc., 555 California Street, San Francisco, CA 94104; Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716; or Kelton International Ltd., 35 Kurzon St., London, England W1Y7AE.
CONTACT: D.R. Grimes, CEO, 770-343-6006, or
Robert E. Bowers, CFO, 770-343-6006, both of Net.B@nk, Inc.
SOURCE: Net.B@nk, Inc.
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