SmartFinancial in Knoxville, Tenn., is planning to conduct an public offering.

The $1.1 billion-asset company said in a press release Wednesday that it will sell about 1.6 million shares of stock as part of the offering. Another 170,000 shares will be sold by certain shareholders, including Chairman and CEO William Carroll Jr. The company did not disclose any pricing for the offering.

SmartFinancial said it could sell an additional 240,000 shares if there is enough demand.

The company said it plans to use about $12.1 million of the net proceeds to redeem preferred stock it issued to the Treasury Department as part of the Small Business Lending Fund. The rest of the net proceeds would be used for general corporate purposes, such as working capital, the acquisition of banks or branches, financing investments and capital expenditures, and investing in SmartBank.

Raymond James is the lead book-running manager. Keefe, Bruyette & Woods and Hovde Group are co-managers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.