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First Republic Bank (FRC) in San Francisco expects to raise up to $400 million through a debt offering.
June 11 -
The $9.7 billion-asset company said in a regulatory filing Wednesday that it could sell the stock from time to time through Credit Suisse Securities.
June 6
Highlands Bankshares (HBKA) in Abingdon, Va., has registered nearly $18 million in common and preferred stock for certain shareholders, directors and executives.
The $606 million-asset company
Highlands also registered roughly 4.7 million shares of common stock, raising up to $10.2 million for certain investors. Keefe Ventures Fund II could sell its entire 5.3% stake in Highlands for up to $1.5 million. TNH and MFP Partners could cash out 4.9% stakes in the company for $1.4 million each. Cougar Capital, Weichert Enterprise, Deerhill Pond Investment Partners and Second First De Novo are among the investors that could liquidate their entire takes in Highlands.
Chief Executive Samual Neese registered to sell about a fifth of his shares in the company. James Moore, an Abingdon doctor and the company's biggest shareholder, could pare his holdings down to 7.1% from 8.8%.
"The selling shareholders may sell all or a portion of the securities from time to time, in amounts, at prices and on terms as they may determine," the filing said.
Highlands, which issued the shares in an April private placement, will not receive any proceeds from the transactions.
The company said in its prospectus that it used proceeds from the private placement to repay a loan from Community Bankers Bank in Midlothian, Va. Highlands also said that it intends to use the remaining proceeds of that offering for general purposes, which may include improving its capital position.
Highlands