NEW YORK -- Mississippi Valley Bancshares Inc., St. Louis, raised $10.6 million through an initial public offering of 800,000 common shares.

The offer, priced at $13.25 a share, was done through underwriters led by Stifel, Nicholaus & Co.

Mississippi Valley, with $579 million in assets at yearend, had expected the shares to be offered between $11.50 and $13.50 each.

Of the total, 560,000 shares are being offered by the company and 240,000 by shareholders.

The company said proceeds from the offering are expected to be used to reduce short-term debt.

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