BankGuam Holding in Hagatna aims to raise $10 million through the sale of preferred stock.
The $1.7 billion-asset bank disclosed in a regulatory filing Wednesday that it is offering up to 10,000 shares of its Series A noncumulative perpetual preferred stock at $1,000 a share. The offering started Sept. 15 and will close Dec. 21.
The shares are offered on an exempt private-placement basis to accredited investors and a limited number of nonaccredited investors. Each investor can purchase a minimum number of shares equal to at least $250,000, or 250 shares.
The company plans to use proceeds from the offering to liquidate subordinated debt and for other corporate purposes.
In June, BankGuam issued $3.5 million in subordinated debt to finance a deal to buy a majority stake in ASC Trust Corp. in Hagatna.