SOMERVILLE, Mass. -- Somerset Savings Bank said it completed an offering of 11,256,661 shares as part of a previously announced recapitalization effort.
The savings bank said that, together with an earlier rights and community offering of 1,623,031 shares, it raised $22.5 million.
Somerset said it granted Legg Mason Inc. the right to buy an additional 15% of the issue, or 1.9 million shares, to cover overallotments. The settlement date for all shares sold in the combined transactions is Sept. 30.
Somerset said that on completion of the offering, it will exceed all applicable capital requirements.