National Commerce Bancorp in Memphis is hoping to raise about $100 million in a stock offering to expand its business lines and finance acquisitions.
The $6 billion-asset company said Monday that it will issue 4.07 million shares and sell 1.93 million owned by a group of officers and directors. At National Commerce's midday Tuesday trading price, the offering would raise about $98 million for the company and $47 million for the seven individual shareholders.
"We decided to come up with this offer to make more shares available in the marketplace," said Lewis E. Holland, vice chairman and chief financial officer of closely held National Commerce.
National Commerce's stock was trading at $24.125 at midday Tuesday. The offering will begin May 24 at a price to be determined after the close of trading May 21.