MetroCorp Bancshares Inc.'s (MCBI) public offering of 4.45 million common shares priced at a 7.4% discount to Wednesday's close.
Shares were inactive premarket and closed Wednesday at $9.72, compared with the offering's price of $9 each. The stock is up 53% so far this year.
The bank holding company late Wednesday said the proceeds would fund investments, capital for subsidiary banks and potential expansion. MetroCorp might also ask regulators to approve a move to buy back $45 million of preferred stock issued to the U.S. Treasury Department under the capital purchase program.
The owner of MetroBank NA in Texas and Metro United Bank in California has about 13.3 million common shares outstanding.