Emclaire Financial in Emlenton, Pa., has raised $8 million in a private placement of its common stock.
The $588 million-asset holding company for Farmers National Bank of Emlenton plans to use the proceeds to redeem all its remaining shares in the Small Business Lending Fund program. It also plans to use the proceeds for general corporate purposes and for balance sheet growth.
Emclaire offered 350,000 newly issued shares at $23.50 per share, a slight premium to tangible book value. Institutional investors purchased about $3 million shares in the private placement, officers and directors bought about $2.6 million shares and other individual investors purchased about $2.6 million shares.