Banks in Texas and Washington are joining the growing list of financial institutions selling common stock.
Southside Bancshares in Tyler, Texas, is looking to raise about $66.2 million, while HomeStreet in Seattle plans to bring in up to $60 million.
The $5.4 billion-asset Southside said in a press release Tuesday that it is selling 1.9 million shares at $36.50 each. The company said it expects to grant the underwriter a 30-day option to buy an additional 285,000 shares. Keefe, Bruyette & Woods is the book-running manager for the offering, which is set to expire on Friday.
Southside said it plans to use the proceeds for general corporate purposes that include potential acquisitions and organic growth. The company in September issued $100 million in subordinated debt.
The $6.2 billion-asset HomeStreet did not disclose how many shares it plans to sell, though the offering could involve nearly 1.9 million shares based on the company's closing price Monday. The company said in a press release Tuesday that it plans to use the net proceeds for general corporate purposes, including potential acquisitions and other growth opportunities and support for its bank.
FBR Capital Markets and Keefe, Bruyette & Woods are the sale agents for HomeStreet's offering. The company raised $65 million in May by issuing senior debt.
Southside and HomeStreet are the latest banking companies to sell common stock in recent days. Others include Fentura Financial in Fenton, Mich.; Texas Capital Bancshares in Dallas; Iberiabank in Lafayette, La.; and Unity Bancorp in Clinton, N.J.