Midstate Bancorp in Baltimore has filed paperwork to sell up to $34.4 million in stock as part of a planned conversion to a stock company. Sandler O'Neill is assisting with the offering.
The company said in a shelf registration filed Tuesday that it plans to sell roughly 2.2 million to 3.4 million shares of common stock at $10 each as part of the planned mutual conversion of its $177 million-asset Midstate Community Bank. Sandler O'Neill is assisting with the offering.
Midstate said it would use some of the net proceeds to invest in its bank. It could also use some of the funds to invest in short-term securities, repurchase stock or pay dividends, the filing said.
The company's earnings rose 37% in 2013 from a year earlier, largely because of lower deposit pricing and a smaller loan-loss provision.