Southern First Bancshares in Greenville, S.C., is planning to sell 1.2 million shares of its common stock.
The $1 billion-asset company did not disclose a price in its regulatory filing. The company's stock closed at $14.61 a share on Thursday, the day before filing its document with the Securities and Exchange Commission. Based on that price, the company could raise $16 million to $19 million from the offering, taking into account the underwriter's option to buy up to 180,000 additional shares.
The company intends to use this money to repurchase the rest of the stock it holds from the Troubled Asset Relief Program. Any remaining funds could be used for general corporate purposes that could include supporting organic growth or reducing outstanding debt.
Sandler O'Neill will serve as the sole underwriter.