Bank of Kentucky Financial Corp. increased the size of a previously announced public offering by almost 25%.
The $1.5 billion-asset parent company of Bank of Kentucky Inc. said in a Tuesday filing with the Securities and Exchange Commission that it expects to raise up to $26.1 million by selling 1.5 million shares of common stock at $17 a share. The Crestview Hills, Ky., company had originally planned to raise $21 million.
An overallotment of 230,294 shares could raise another $3.9 million. The pricing is at an 8.1% discount to Tuesday's closing stock price of $18.49 per share.
Bank of Kentucky shares fell 4.9% to close at $17.59 on Wednesday.
The offering is expected to close by Nov. 22. The company plans to use the proceeds for "general corporate purposes," including capitalizing its bank, expanding the balance sheet or repaying $34 million of Troubled Asset Relief Program funding.
The bank was well capitalized at Sept. 30, with a total risk-based capital ratio of 12.67%.