Community Financial Shares (CFIS) in Glen Ellyn, Ill., plans to issue $2.8 million of common stock in a private placement.
The $356.6 million-asset company said Wednesday that it will sell roughly 2.8 million shares of stock at a price of $1 a share. The transaction will complete a capital raise for a total of roughly $27.3 million that began late last year.
"We are very pleased to announce this capital raise and the continued expression of investor confidence in the company," Donald Wilson, the company's chairman, president, and chief executive, said in a press release. "The proceeds from this private placement offering, in addition to the proceeds from the previously announced rights offering, complete the planned capital infusion program and will enable us to further serve the needs of individuals and businesses in our markets."
The company expects to complete the offering in the third quarter.